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:

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




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


Latest News

Greek singer Pitsa Papadopoulou surprises elderly residents at St Basils Lakemba

Greek singing legend Pitsa Papadopoulou gave a special performance to elderly residents at St Basils' aged care home in Lakemba.

Upgrades complete for Greek Macedonian Association Clubroom in Western Australia

Construction of the Greek Macedonian Association Clubroom Amenities Upgrade in the City of Stirling are now complete.

Bill Papas spotted relaxing in Greece as judgement day looms on fraud case

Bill Papas has been spotted in Greece just days before an Australian court set a judgement date for his Forum Finance alleged fraud case.

Dementia Australia’s ‘Ask Annie’ app now fluent in Greek

Annie, the star of Dementia Australia's award-winning Ask Annie app, is now fluent in Greek. Read more here.

South Melbourne qualify for Australia Cup Round of 32

It was a tense match against St Albans Dinamo FC, but South Melbourne's victory sees the club return to the Australia Cup Round of 32.

You May Also Like

Greek Australian Michael ‘Triki’ Trikilis on discovering his passion for breakdancing in Greece

Michael Trikilis spoke about spending his childhood in Kalymnos and discovering his passion for breakdancing on a school trip in Athens.

Aboard the Ellinis in the 1960s: A traveller’s tale

Gerasimos Alexopoulos arrived in Australia as a toddler, but returned to Greece in the early 1960s on the Ellinis ship. This is his story.

Cyprus Community of NSW brings festive spirit to Sydney with inaugural Christmas Fair

The Cyprus Community of NSW brought the festival spirit to Sydney's inner west on December 17 with their inaugural Christmas Fair.