EU approves multi-billion dollar relief for Greece’s economic recovery

·

The European Union (EU) has approved 30.5 billion euros ($48.062 billion) for Greece’s economic recovery plan in an announcement on Thursday. 

Greece will receive 17.8 billion euros in grants and 12.7 billion euros in loans through to 2026. 

“Today, I’m very happy to announce that the European Commission has decided to give its green light to Greece’s recovery and resilience plan, Greece 2.0,” the European Commission President Ursula von der Leyen announced at a ceremony under the Acropolis.

Greek Prime Minister Kyriakos Mitsotakis made the announcement alongside the European Commission’s Ursula von der Leyen (Γ.Τ. Πρωθυπουργού/ Δημήτρης Παπαμήτσος)

The approval “follows a thorough assessment by the commission” of Greece’s plans, she announced while standing alongside Greek Prime Minister Kyriakos Mitsotakis. 

The total assistance from the EU equals to about 16 percent of Greece’s national output and there are hopes it will grow the economy by as much as 7 percentage points over the next six years to 2027.

Greece’s post-pandemic economic recovery plan is known as ‘Greece 2.0’ or ‘the Greek Plan’ (Photo: primeminister.gr)

The European Union’s approval now has to be supported by EU finance ministers next month to facilitate the disbursement of 4 billion euros to Greece for projects earmarked by the Greek plan. 

Mitsotakis said the Greek plan consists of “175 critical investments, works and reforms”, in the environmental, employment, private investment, and digital reform sectors. 

“Today marks the last act of the turbulence the pandemic brought and the start of the recovery plan,” Mitsotakis said. 

“A fairer welfare means a stronger democracy.”

The Greek plan aims to recover from the blows dealt by the pandemic and improve the economy’s social and environmental footprint and make it more ‘digitalised’. 

Source: Independent

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

From crisis to compassion: Timos Roussos and his family’s mercy mission in war-torn Cyprus

When Turkish troops landed on Cyprus on 20 July 1974, six-year-old Timos Roussos was sitting on the floor of his family’s home in Lemesos.

A granddaughter returns: Georgia Georgiou retraces her yiayia’s occupied village in Cyprus

When Georgia Georgiou handed over her Cypriot ID at the border checkpoint to cross into occupied northern Cyprus, she felt an ache.

‘You never get over it’: A childhood shattered by the Turkish invasion of Cyprus

On a warm July morning in 1974, 10-year-old Anastasia Di Loreto (née Karatzia) was jolted awake by the sound of bombs falling on Kyrenia.

Cyprus: The paradox of tolerance and impunity for Turkey

The lack of a unified, systematic and practical strategy on the part of Greece has led the Cyprus crisis into national disarray.

Lost homes and lingering hope: Greek-Cypriots reflect on Turkish invasion and its aftermath

From hidden stories to haunting memories, two Greek-Cypriot men share what it means to carry the burden of Cyprus’ past.

You May Also Like

Crete and Pontus: Sydney event captures modern Greek culture through traditional songs

On Sunday, 15 October an event showcasing Crete and Pontus through traditional music and dancing took place.

‘Brought my grandparents to tears’: Top Greek students reflect on HSC relief

"As migrants themselves, my parents recognise the challenges that I faced while adapting to a different country and learning a new language, Maria Kontou said to The Greek Herald.

Nikos Oikonomopoulos arrives in Melbourne and tours the Greek Centre

Nikos Oikonomopoulos, a popular modern Greek laiko singer, visited the Greek Community of Melbourne's (GCM) Greek Centre this week.