Spain seeks 1.5 trillion euro recovery fund using EU perpetual debt

The Spanish government will propose to its European Union partners that they create a 1.5 trillion euro ($1.63 trillion) recovery fund financed through perpetual debt to aid countries worst-hit by the coronavirus crisis, a discussion paper shows. Prime Minister Pedro Sanchez will outline the proposal to his EU colleagues during a videoconference summit on Thursday, a foreign ministry source told to Reuters. The 27 EU countries are sparring with over how to finance recovery after an economic hit of the coronavirus, after the Netherlands and Germany ruled out common debt issuance.