Specifically, Italy initially received 10 billion euros, the first tranche of a committed sum of 27.4 billion. Spain initially received 6 out of 21.3 billion and Poland received 1 billion out of 11.2 billion. A total of 87.9 billion euros has been agreed to be paid out to 17 countries under Sure. The lid is 100 billion euros.
The program is part of a package with aid of 540 billion euros that the EU states agreed on shortly after the pandemic began in spring. For Sure, the EU Commission takes out loans on the financial market with the help of guarantees from EU countries and passes them on. This is beneficial for EU countries, which – unlike Germany – would have to pay more interest on the financial market. Italy and Spain are already heavily in debt and at the same time one of the worst hit by the pandemic and the economic crisis.
On October 21, the commission placed bonds worth 17 billion euros for Sure. The papers were oversubscribed more than 13 times. They carry a so-called seal of approval for social bonds. This means that investors can trust that the money will go to social causes.