The European Commission's forecast for a 9.7 percent economic contraction in Greece is not only the biggest among all eurozone members, but also considerably more pessimistic than the official forecast by the government - which Athens attributes to Brussels not factoring in Greece's relief measures.
The tax discount incentive for enterprises suffering as a result of the coronavirus failed to prop up the state budget, which showed a decline in revenues of between 30 and 35 percent. However, as one Finance Ministry official points out, had the government not offered that discount, the revenue losses would have been much greater.
The Turkish Treasury borrowed 11 billion Turkish liras (nearly $1.5 billion) from domestic markets on May 5, said an official statement.
The Treasury and Finance Ministry announced that some 7.3 billion Turkish liras (about $1 billion) fixed coupon bond -- semiannually, new issuance -- was sold in the first auction.
The Finance Ministry's estimates about the impact of the coronavirus on the Greek economy this year are at the optimistic end of the range of projections expressed to date and near those of the Bank of Greece, according to the Stability Program Athens submitted to the European Commission last Thursday.
The Finance Ministry is already planning for the next stage of the country's economic revival, hoping that the first, starting today with the opening of some stores, will go ahead without any significant problems. The main challenges for the government lie in six areas: tourism, transport, exports, investments, employment and banks.