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Greece formally submits national recovery plan to EU

Greece formally submitted its national recovery plan to the European Union on Tuesday, hoping for a boost to economic growth by as much as seven percentage points over the next six years, the government’s spokeswoman said.

Under the multi-billion euro coronavirus recovery package agreed by European Union leaders last year, Athens is to get 18.2 billion euros ($21.96 billion) in grants and 13 billion euros in cheap loans over the coming years, equal to about 16% of its gross domestic product.

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It is expected to get added leverage from the private sector via equity capital and loans, meaning total funds for investments will be increased to nearly 60 billion euros.

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