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Politics

Mitsotakis’ COVID-19 Economic Recovery Plan Boosted by EU Funding

ATHENS – Prime Minister Kyriakos Mitsotakis’ plan to resurrect Greece's economy whose recovery was undercut by the COVID-19 Coronavirus pandemic will focus on luring foreign investors and also using European Union aid.

The New Democracy's government revamping will include 32 billion euros ($35.65 billion) in expected funding from the European Commission for big investments in the green economy, infrastructure, the digitalization and modernization of public administration and training and will be sent to the EU in October.

The EU monies will go toward another National Strategic Reference Framework (NSRF) program and not for social benefits nor to meet demands of social groups and 

The drafting of the plan will not be done by the Cabinet but led by Mitsotakis, who, as he did with COVID-19 in putting together a group of scientific advisors, is assembling an economic panel that includes Cypriot Nobel Laureate economist Christopher Pissarides in an advisory role, the paper said.

Mitsotakis had already said he would cut employer contributions, telling Star TV that, “The reduction is essentially in the indirect taxation of labor,adding that “this is a plan that we will be able to announce soon, at the end of summer.” 

He said, “I think it is the first priority today, because the burden on labor is very high and very burdensome for many companies,” who were locked down for up to 10 weeks and required state aid to stay afloat and pay workers who were stuck at home.

The paper said the cut in company contributions will be 0.9 percent from June and up to 1.1 percent by September when the Premier will speak at the Thessaloniki International Fair, a traditional speech for Greek leaders.

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