Spain passed a decree forcing landlords to slash rents for coronavirus-hit bars and restaurants by up to half on Tuesday and announced plans to distribute EU Covid-19 recovery funds via public-private partnerships, according to Reuters.

Landlords with more than 10 properties in urban centres who have not agreed on a temporary discount with tenants in the hospitality sector must cut rates by 50 per cent until a national state of emergency is lifted, government spokeswoman Maria Jesus Montero said.

Firms in the sector will receive tax credits against rent and will be able to defer other contributions, while property owners will receive tax incentives to lower rents.