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European Commission clears COVID-19 support for Portugal, Poland, Greece

The European Commission has signed off on a number of multi-billion-euro state support packages to help countries affected by the coronavirus outbreak, Reuters reported.

The commission approved a €13 billion state aid plan for the Portuguese economy, a €22 billion plan of state guarantees for Poland and a €2 billion scheme for Greece.

Commission Executive Vice President Margrethe Vestager said in a statement that this aid plan will support Polish businesses' working capital and investment needs which are affected by the COVID-19 outbreak. She further added that the Greek support plan will allow for state guarantees on working capital loans.

The move came after the commission showed some leniency and allowed governments to help businesses and banks after industries began to collapse and people were asked to stay indoors to prevent the spread of the coronavirus.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.