Package of 3.8 bln euros to keep Greek economy afloat

The government on Wednesday announced a 3.8-billion-euro package of measures to soften the blow to the economy from the coronavirus epidemic. The package aims to support workers, the self-employed and enterprises, as the first mass layoffs have already been recorded and the risk of a painful recession is looming large.

Finance Minister Christos Staikouras estimated that growth this year will come to zero. A government source told Kathimerini on Wednesday that, "for us, the key is tourism. If the summer is missed, we will risk a heavy recession." Tourism accounts for 12 percent of Greece's gross domestic product and has a strong multiplier effect, supporting a series of other activities.

Wednesday's measures, announced by Staikouras, his deputy Thodoris Skylakakis and the ministers of development, Adonis Georgiadis, and labor, Yiannis Vroutsis, cover the second stage...