Greece announces new €10 billion package to boost its coronavirus-hit economy

To deal with the consequences of the pandemic, the Greek government will disburse around €10 billion in support measures for businesses and employees.

“The longer the crisis lasts on a global, European and national level, the more difficult the task will be to achieve the goals of the previous period in such a short period of time,” Finance Minister Christos Staikouras said on Monday to Real FM radio.

The new package of measures are expected to offer relief until the end of the year.

He added that the economic recession in Greece does not have the intensity of that in other countries and noted that the Greek economy had solid foundations and a dynamism in the previous six-month period, adding that the government swiftly took measures during the pandemic crisis.

Staikouras said that the following phase of the Guarantee Fund for Greek SMEs is expected to start immediately.

Further, Greece’s SYN-ERGASIA program which aims to strengthen employment and thus protect jobs, will be extended until the end of the year.

The minister also noted that tourism is progressing according to the basic scenario. “Travel revenue was €680 million in the first half, €800 million in July and around €1.5 billion in August. This means that there are enough revenues from tourism.”

Staikouras said that state budget revenues were up compared with initial targets and noted that “based on current data we stick to our forecast for an 8.0% economic recession this year”.