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Madrid proposes €1.5 trillion virus fund financed by EU debt
By EUobserver
The Spanish government has proposed the EU creates a €1.5 trillion recovery fund to offset the economic fallout of the coronavirus, ahead of a videoconference of EU leaders on Thursday where they will discuss financing a recovery. The fund would be financed by debt raised by the commission and backed by the EU budget and the money would be sent in the form of grants, not loans, to countries.