Madrid – This week, Spain will exceed the 75% repayment threshold of the financial bailout from the European Stability Mechanism (ESM) that was arranged over a decade ago, as announced by Minister of Economy, Trade and Enterprise, Carlos Cuerpo, during a press conference after the Council of Ministers.
Cuerpo indicated that by December 11, repayments will surpass 75%. “The twice-yearly visits from the Stability Mechanism and ECB technicians will come to an end. With this payment, the visits from the ‘men in black’ will cease,” the minister remarked.
According to European economic commissioner Valdis Dombrovskis, Spain is expected to repay over 80% of the ESM loans for the bank bailout this year, with additional payments planned for December.
Spain currently owes 11.9 billion euros from the ESM bailout, with a scheduled payment of 4.6 billion euros this month, which will bring the total repayments beyond 80%, as stated by Dombrovskis.
With the surpassing of the 75% threshold, Spain will no longer be under special surveillance associated with any ESM bailout program.
The final payment is set for 2027, which will cover the remaining balance of the loan. Spain will thus become the first Member State to complete post-program surveillance. (December 9)
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