Mitsotakis announces new measures to shore up economy

Prime Minister Kyriakos Mitsotakis has announced a 10 billion euro spending plan to prop up the already battered Greek economy in order to survive the unfolding global economic disaster caused by the Coronavirus pandemic.

Apart from a 3.8 billion euro spending package that Mitsotakis had announced in his now frequent national addresses, the government plans to spend an additional six billion euros (half from the state budget and half from EU structural funds) to shore up the economy.

"There will be an additional disbursement from the state budget of nearly three billion euros to support the economy. About another three billion will be come from the restructuring of the NSRF (National Strategic Reference Framework, known by the acronym ESPA in Greece) funding. I am speaking of a total of nearly 10 billion euros, without including forecasts for additional liquidity to be provided to businesses from existing financial tools,» the PM said.

Emergency support for 500,000 economic victims

A series of measures announced by the government is designed to prevent the collapse of the economy and the decimation of the labour force, including an 800 euro stipend to be paid in early April from the state budget to employees of businesses which have been ordered to close by the government as well as freelance professionals.

That amount covers the period between 15 March and 30 April and will be handed out in lieu of payment from the employer, who will not be obliged to pay the employee due to force majeure.

State to pay labour insurance costs

The measure will cover 500,000 workers at a cost of approximately 400mn euros.

The state will cover the cost of beneficiaries' insurance, pension, and health...

Continue reading on: