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Economy

FinMin Staikouras: Greece Won’t Need a New Memorandum

ATHENS — "We will not need a new memorandum," Finance Minister Christos Staikouras said on Wednesday. In comments made to ANT1 TV, the Greek finance minister noted that the country was regularly borrowing from capital markets, that it had secured an additional 2.5 billion euros from the SURE programme, and hoped for additional revenue from other sources. "The hope is for a gradual reopening of the market and we expect tourism to perform better than last year, while we also expect money flows from a Recovery Fund. All these make us optimistic that there will be a strong recovery followed by strong economic growth," he said.

Staikouras said that a 7th round of state loans to enterprises and the self-employed will be paid by the end of April and left the door open – depending on developments in the pandemic – to the introduction of an 8th round. "We must agree that the measures were satisfactory in terms of preventing lay offs and business closures, so far. We must see whether some enterprises might find it difficult to maintain their workforce after reopening and that's why we are examining the continuation of support measures," he said.

"We must act promptly and methodically to preserve funds to help households and enterprises. We have the funds to support society, but as the crisis deepens we will not be able to compensate for all the losses suffered by citizens," Staikouras said.

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