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Greek News

EC gives green light for a €765-million tranche to Greece

The European Commission has given its vote of confidence in the measures taken by the Greek government, while also warning that authorities must constantly develop and adapt them to the respective conditions, with its recommendations, in the Framework of the Autumn Semester.

The 8th Assessment Report of the Enhanced Surveillance for our country points out that, due to the pandemic, reforms have delayed, adding, however, the government has taken measures to advance the country’s commitments.

At the same time, the Commission proposes to the Eurogroup the disbursement of 765 million euros to Greece from profit returns (ANFA’s and SMP’s).

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The European Commission opines that the Preliminary Draft Budget is generally in line with the recommendations adopted by the Council on 20 July 2020. Most of the measures set out in the Greek Draft Budget support economic activity.

However, the EC warns that due to the high public debt of Greece and before the outbreak of the COVID-19 pandemic, it is important for Greece to ensure that, by taking fiscal support measures, it does not endanger the viability of the country’s public finances in the medium term.

Greece is called upon to regularly review the use, effectiveness, and adequacy of support measures and to be prepared to adapt them as needed to changing circumstances.

Although measures appear outdated due to the new lockdown in Greece and internationally, the Commission predicts a recession of 9% for 2020 and 5% for 2021 which may lead to a manual revision of the Commission’s forecasts.

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