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Financials

Spain's state-backed loans to cover 75% of corporate liquidity needs

MADRID, Sept 1 (Reuters) - Spain’s state-backed credit lines of around 140 billion euros ($167.29 billion) would cover around 75% of companies’ liquidity needs as they struggle to weather the impact of the coronavirus pandemic, Bank of Spain Governor Pablo Hernandez de Cos said on Tuesday.

“The remaining amount would need to be financed by the companies’ own liquid assets,” De Cos said at a financial event.

De Cos also said that so far the Spanish economy was experiencing a strong recovery in the third quarter, although it was incomplete and uneven.

$1 = 0.8369 euros Reporting by Jesús Aguado and Emma Pinedo; editing by Andrei Khalip

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