The presence of Greece in the famous ‘Juncker investment package’, announced a year ago, has been anemic so far. The program was one of President Jean Claude Juncker’s promises when he assumed power as the head of the European Commission.

The involved the creation of a large mechanism called the European Fund for Strategic Investment (EFSI) with a starting capital of 16bln Euros from European Union programs and a further 6bln Euros from the European Investment Bank (EIB). The goal as stated by Juncker was to leverage private investment capital and reach a total of 315bln Euros.

A year down the road, and MEPs seem divided over the success of the plan with some questioning whether it can achieve its set target and others believing it was good concept and needs more time. Many MEPs believe the inability of the Southern European states to raise private investment and participate in the project is due the EIB’s regulations regarding leveraging that compels it to only fund investments considered profitable so as to not risk its AAA credit rating.

As far as Greece is concerned, it has only managed to take part in two private investment projects. The Greek Ministry of Development did propose the funding of over 42 infrastructure projects worth 5.6bln Euros last March.