Seven countries get EU loans cheaper than Spain by applying for them years earlier

There is only one country in the entire southern part of the Eurozone that has not borrowed from the so-called Recovery Facility, according to European Commission reports. It is Spain and that is why it is the one that has received the least money in proportion to its Gross Domestic Product than all the others.

From Italy (122,600 million loans already requested) to Portugal, Greece or Cyprus were launched from the first moment in 2021 not only to request subsidies, as the Spanish Government did, but also

in loans,

taking advantage of the fact that the EU offered them at close to 0%, instead of above 3% as at present. Also Poland or Romania.

By adding loans to grants, Italy has already obtained support of more than 10% of its GDP, twice as much as Spain.

which is the most advanced in receiving the grants, but the last in the South in global support. Brussels says that seven countries have already asked for about 200,000 million in loans, compared to zero euros Spain and the rest. The French Minister of Economy

, argues that they do not apply, because their country finances itself cheaper on its own than with EU loans. And that explanation is valid for Germany, the Netherlands or even Ireland with a better risk premium than Spain. It is regrettable – and forces European reflection – that the EU does not manage to borrow at German prices, despite having the highest solvency rating, but investors do not see it so clearly and that means that only the mortgaged countries of the south find this part of the European funds created during the pandemic attractive.

The consequence is that when the European Commission accepts the so-called Addendum approved on Tuesday by the Council of Ministers, the interest rates at which Spanish companies and public and private institutions that take advantage of the 84,000 million loans requested will be financed will be much higher than those granted to Italians. Portuguese or Slovenians, because the conditions are the same for everyone in the window in which they asked for it.

now - as Italy has done - seen how the projects have gone, and that it was more responsible to start with subsidies.

However, the Addendum itself also supposes a substantial adjustment or modification of the Spanish plan as it cannot execute what was planned on time.

And there is another surprise.

He renounces to request the fourth payment in June for not having fulfilled the planned reforms. A government so prone to governing by decree does not dare to do more in the electoral campaign and leave the fulfillment of reforms such as the Public Function for the one that leaves the polls on 23-J. And all without consensus with the PP as advised by Brussels.