Government Minister Spokesperson, Pilar Alegría, said at a press conference that the initiative marks a ‘first safety net, a shield’ and a step forward to protect companies and workers.

Within the plan approved at Tuesday’s Council of Ministers, 7.4 billion euros will be new financing and another 6.7 billion euros from existing instruments.

The details of the decree-law, which must pass through the sieve of the Congress of Deputies, indicate two ICO (Official Credit Institute) lines for six billion Euros (5,000 million for guarantees and 1,000 million to finance working capital).

Besides another accounting moratorium until 2027 to favor the absorption of Covid-19 losses and facilities to reorient surplus production capacity and seek new export markets.

After establishing the Table of Dialogue with the social agents and the call to the Sectorial Conference on Commerce, to work with the Autonomous Communities, the Government´s president, Pedro Sanchez, said in advance last week the position that his country assumes before the increase of tariffs on the part of the United States.

The Government is not going to wait to see what happens in the next few days.

We are going to respond in advance, to be prepared, with the immediate deployment of the plan, so that, if the storm is unleashed, Spain will have a double umbrella: the European and the Spanish’, he said.

The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, specified in the press conference that within all the measures included in the plan, those activated today amount to a total of 7,720 billion Euros.

The idea is to support possible industrial reconversion processes for entities that are going to have a significant exposure, directly or indirectly, to the US market.

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