NOW that the European Union's budget has been approved, Spain is set to get €140 billion – of which €27bn has already been taken into account in the country's spending for 2021.
Of the total due to Spain, €72bn will be transferred directly as a grant rather than a loan, and Pedro Sánchez's government has planned to use it over the next three years.
The EU was finally able to convince Hungary and Poland to lift their veto on the 2021-2027 budget, but was already looking into excluding them from the voting process to be able to get the financial plans pushed through.
Today (Thursday), the Council of Europe – currently presided over by Germany – has rubber-stamped the budget and it is now set in stone.
Hungary and Poland have, however, bought themselves time: They have filed an appeal with the European Court of Justice over the 'legality' of the terms of the budget, but until a verdict is passed, the funds cannot be held up.
The process could take up to two years.
National leaders Viktor Orbán's and Mateusz Morawiecki's appeal is based upon the fund distribution to member States being on condition of each of the 27 complying with the Rule of Law, which includes respecting human rights as laid down in the EU treaties.
The aim of the 'Rule of Law' mechanism is to 'protect the European budget and recovery fund against any type of fraud, corruption or conflict of interest' and that its application should not be 'discriminatory', but 'impartial'.
Unnamed sources within the EU, however, have assured Spanish national media that the Hungarian and Polish joint appeal is 'little more than hot air', even though it was 'very predictable'.
This is because Poland, after Italy and Spain, is set to receive the third-largest sum out of the recovery fund.
The deal struck with Hungary and Poland complies with European Parliament's red lines, though, and until the ECJ rules in favour of or against the two dissenting countries, funds will still be paid out in the meantime.
TWO of Spain's largest high-street banks are reported to be in merger talks, potentially resulting in the joint entity being the second-biggest in the country in terms of share capital.
A MERGER between two key telecommunications providers has now been finalised – Orange and MásMóvil will operate as a single company from April onwards.
