The Greek government plans to mitigate the devastating effects of the coronavirus pandemic on the Greek economy by injecting huge sums of cash into the market in an effort to maintain thousands of businesses afloat which have suffered large losses after being shut down for half a month. The new measures are expected to be announced by the finance, labour and development ministers and others at 10 am on Monday.
To total value of the measure will reach an aggregate sum that could potentially reach or exceed the 10-billion-euro mark, equivalent to almost half of the tourist revenue that the country would have in a regular financial year.
The plan includes the addition of more businesses to the list eligible to receive financial aid, government guarantees, community funds, suspension of tax and insurance obligations etc.
In addition, Finance Minister Christos Staikouras will urge banks to extend the suspension of instalment payments until September 30 to conscientious businesses and individuals.