Madrid – Spain will surpass this week the threshold of 75% repayment of the financial bailout arranged by the European Stability Mechanism (ESM) more than a decade ago, as announced by the Minister of Economy, Trade and Enterprise, Carlos Cuerpo, at the press conference held this Tuesday after the Council of Ministers.
Cuerpo explained that on December 11 the 75% repayment of the loans will be exceeded. “We will no longer have the twice-yearly visits from the technicians of the Stability Mechanism and the ECB. With this payment, the visits of the ‘men in black’ come to an end,” the minister stated.
As the European economic commissioner, Valdis Dombrovskis, indicated two weeks ago, Spain will surpass this year the repayment to the ESM of 80% of the loans for the bank bailout, since several payments are scheduled for this month of December.
Currently, Spain owes 11.9 billion from the ESM bailout. For December, another payment of 4.6 billion euros is planned, after which more than 80% will have been repaid, as Dombrovskis has said.
Having surpassed the 75% threshold, Spain will no longer be subject to the special surveillance that follows any ESM bailout program.
The last payment is scheduled for 2027 and will be the entirety of what remains of the credit. Spain will thus be the first Member State to conclude post-program surveillance. (December 9)
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