The Government has decided to postpone the approval of the plan of 11,000 million in aid for companies and the self-employed that the president, Pedro Sánchez, announced two weeks ago and in which this afternoon they continued "working" to go to the Council meeting of Ministers for tomorrow Tuesday.
Government sources assured Servimedia that the approval of this plan will not finally receive the green light at this Tuesday's meeting of Pedro Sánchez's cabinet, in which the Stewardship Plan mentioned this Monday by the Minister of Equality will be addressed and approved. , Irene Montero, on the occasion of International Women's Day.
Therefore, the plan announced by the President of the Government, Pedro Sánchez, a couple of weeks ago in Congress continues to be developed, so its approval is delayed for at least one more week, as Servimedia pointed out this afternoon that it was considering the chief executive.
This project had been set to be approved tomorrow, Tuesday, after passing through the General Commission of Secretaries and Undersecretaries of State that the Council of Ministers prepares last Thursday and the subsequent meeting on Fridays of the ministers of the area in the Delegate Commission of Affairs Economical.
The first vice president of the Executive, Carmen Calvo, admitted this Monday that she has been in continuous contact all weekend with the economic vice president, Nadia Calviño, about this decree that the head of the Economy was finalizing to present before the Council of Ministers.
This aid decree will also include a mechanism for restructuring debts associated with credits guaranteed by the Official Credit Institute (ICO).
The aid measures of the plan would rest on three main axes: direct aid through the autonomous communities, potential restructuring in collaboration and with the support of the financial entities of the credits guaranteed by the ICO;
and support for the solvency of medium and small companies, with potential recapitalizations, in the style of the SEPI bailout fund of 10,000 million euros launched for large and strategic companies.
Additionally, it has been considered to promote a restructuring mechanism for the rest of the bank debt in the style of the Code of Good Practices adopted in 2012 for mortgage charges of vulnerable families.
The one created then, of voluntary affiliation, sought to expedite solutions and systematize actions.
The Government and the banks themselves have agreed from the beginning that financial institutions are the ones that can help with restructuring because they are the ones in the best position to discern which businesses are or are not viable and what type of instruments are the most useful for help in every situation.
THE ROLE OF THE REGIONS
Regarding the role that the autonomous communities can play, the Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, has explained several times that, together with the municipalities, "they are better placed to see what the consequences of the decisions they make to restrict economic activity to fight the pandemic. "
At this point he has advanced that the autonomies could "go a step further and, not only to give a tax credit but, even, compensate a part of the fixed costs of the companies".
The Government has already transferred to the autonomous regions, in fact, 16,000 million euros with the Covid-19 fund and they also have the 8,000 million of the European REACT-EU fund, of which the autonomous communities themselves have decided to allocate 25% or 2,000 million euros to aid for companies and the self-employed.
In one of his last interventions Calviño also left the door open to expand said endowment or give additional support from the Government.
"For some, the aid from the autonomous communities may be sufficient, in other territories it may be necessary for the State to complement or reinforce this action of the autonomous communities," he said.
Regarding the support or recapitalization of smaller companies, the sources consulted point to the possibility that it will crystallize in capital injections or hybrid debt issuance relying on public companies such as Cofides.
The package of measures to be addressed by the Council of Ministers will be, in any case, a framework program and some fringes for its application would be at the expense of other Councils of Ministers as happened, for example, with the ICO guarantee programs where at the approval of the program followed later agreements to free up its resources.
In the initial program, it does not seem that fiscal measures will be incorporated, although the Minister, spokesperson for the Government and Minister of Finance, María Jesús Montero, opened the door to extra-fiscal support, which does not exclude its incorporation or subsequent approval.
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