Christos Staikouras

Six-pronged restart blueprint

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.

Many firms miss out on loans

Emergency state loans totaling 1 billion euros will be disbursed next week to 100,000 enterprises if they also consent to the terms attached. Of the 139,000 enterprises that applied to receive the low-interest loans, some 39,000 failed to meet the eligibility criteria as the authorities found they actually had higher turnover this year than in 2019.

Staikouras pledges support for employees forced to work fewer hours

Workers who will be asked to work fewer hours and get a lower salary once the economy reopens will be supported by the state, Finance Minister Christos Staikouras promised on Real FM on Monday.
The plan, inspired by Germany's "Kurzarbeit" and Britain's 'short-term work scheme' will see the state undertake part of each worker's losses for a transitional period.

New fund to boost cash flow

The creation of the Guarantee Fund, which will be activated by the Development Ministry in early May to oversee the supply of state-guaranteed working capital of over 7 billion euros up until the end of 2020, marks the start of the economic recovery, through the direct injection of cash into medium-to-large and large businesses.

Across-the-board support coming to an end

As the economy prepares to gradually break free from the shackles imposed by the coronavirus restrictions, the government is drafting the transition from a generalized support system, focusing on the 800-euro allowance to employees, to targeted measures to boost corporate liquidity.

The relevant announcements will be made on Monday by Prime Minister Kyriakos Mitsotakis.