Closed-down businesses amid the coronavirus disease (COVID-19) pandemic

People wearing masks walk past a closed-down toy store, amid the coronavirus disease (COVID-19) pandemic.

12-03-2021SUSANA VERA

The Spanish cabinet approved on Friday an 11 billion euro relief package for small- and medium-sized companies to help them weather the COVID-19 pandemic-induced crisis, including 7 billion in direct aid, the government said.

The package will also include 3 billion euros to be implemented through voluntary debt restructurings of state-backed loans granted by banks to companies hit by the pandemic - many of them in the key tourism sector - and 1 billion euros will come in the form of capital injections.

Debt write-offs will be a measure of last resort, Economy Minister Nadia Calvino told reporters after the cabinet meeting.

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