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New Democracy Pumping 11 Billion Euros COVID-19 Aid into Economy

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Bank of Greece. (Photo by Eurokinissi/ Yiannis Panagopoulos

ATHENS – Trying to keep afloat an economy battered by the COVID-19 pandemic, Greece's New Democracy government is going to inject another 11 billion euros ($12.88 billion) in a stimulus package through July, 2021.

The government during a first lockdown that started March 23 and lasted up to 10 weeks for most non-essential businesses had provided 17.5 billion euros

($20.49 billion) in subsidies for workers temporarily laid off and their companies.

Greece got some 32 billion euros ($37.47 billion) in loans and grants from the European Commission to deal with the fiscal damages from COVID-19 but little has been given to some sectors, such as the arts, with many performers and musicians left without any income or programs to help them. 

The new aid comes on top of nearly eight billion euros ($9.37 billion) put into the economy, especially for small-and-medium sized enterprises (SME's) by the end of the year, including the EU funding, said the business newspaper Naftemporiki.

It wasn't reported what the stimulus package would be spent on or if more monies would go to workers or how the funds will be directed as the government tries to avoid a second lockdown that could be devastating.