PM Mitsotakis outlines Greece’s greater economic flexibility after increased access to EU funding

“European resources will be channeled into the Greek economy to stimulate corporate liquidity”

Prime Minister Kyriakos Mitsotakis on Friday outlined Greece’s increased budgetary flexibility by access to EU funds, in a teleconference with key ministers.

The premier spoke following his communication with the European Commission and the concerted actions of the Ministries of Development and Investment, Labor & Social Affairs and Rural Development & Food with the relevant European institutions.

Mitsotakis stressed that the demands he had expressed in his letter to the European Commission for maximum flexibility in utilizing NSRF resources for 2020 were all accepted.

According to Mitsotakis, it is estimated that the new framework, announced Thursday by European Commission President Ursula von der Leyen, will allow Greece to spend at least 4.5 to 6.5 billion euros – including resources dedicated to rural development – excluding the leverage of resources through financial instruments.

This development “gives us the opportunity to protect jobs and businesses big and small – and in all sectors – at a time when the coronavirus is hindering economic activity,” Mitsotakis noted.

He also said that thanks to the flexibility provided, it is possible to finance projects exclusively with EU funds in the current year, which allows the budget to be channeled to needs relevant to the coronavirus pandemic.

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Mitsotakis concluded by saying that “European resources will be channeled into the Greek economy to stimulate corporate liquidity and to partially cover the income of workers temporarily put into flexible working arrangements, given the circumstances.”

The prime minister’s conference was attended by the Ministers of Development & Investments Adonis Georgiades, Labor & Social Affairs Yiannis Vroutsis, Agricultural Development & Food Makis Voridis, State Minister George Gerapetritis, Deputy Ministers for Development & Investments Yiannis Tsakiris and Nikos Papathanassis, Deputy Minister to the PM for the coordination of the Government Akis Skertsos, Secretary General of Public Investment and NSRF Dimitris Skalkos and Secretary General of Labor Anna Stratinaki.

Source: amna