x

Politics

Petsas: “We Will Be Surprised by the Results in the Greek Economy”

ATHENS – "The European Commission will on Wednesday present its proposals for the Recovery Fund, which will be close to 500 billion euros, based on what we know about the French-German proposal, and will concern grants as well as additional funding in the form of loans," government spokesperson Stelios Petsas said on Wednesday in an interview with ERA public radio.

He also noted that good handling of the current stage of restarting economic activity – as Greece had succeeded in doing during the lockdown phase – will yield pleasantly surprising results for the Greek economy.

With the recovery fund, he added, "we will have a large network of interventions that, if we add to this the amount of 540 billion euros that has already been approved by the Eurogroup and the European Council, we see that we will reach an amount well over 1 trillion. It is a big sum. Greece is seeking a large share, which means that: first, the government should plan a proper programme for the use of these resources and, secondly, this money should be absorbed for the benefit of the Greek economy, by businesses and employees."

Clarifying that "no one can make a precise estimate of the recession," Petsas stressed that "what we can say is that there will be a deep recession this year and a strong recovery over time."

Regarding the phase of restarting the economy, the government spokesperson expressed the belief that "tourism will have some turnover."

As he explained, "two months ago, it seemed that the summer was lost. Now, things have changed. What is the biggest problem? Uncertainty. How do we deal with uncertainty? We are setting up a safety net so that most businesses will either have intact wages or some wages will be covered by the state. So that companies have jobs and employees are paid."

 He also underlined that "if we show that in the phase of restarting the economy we are doing just, as well as in the phase of the health crisis, then we will be surprised by the results in the Greek economy, once the health crisis is behind us."

RELATED

ATHENS - The 5th session of the Greek-Turkish Joint Economic Committee concluded in Athens on Monday with the signing of a Protocol by Deputy Minister of Foreign Affairs for Economic Diplomacy and Openness Kostas Fragogiannis and Turkish Deputy Minister of Trade, Mustafa Tuzcu.

Top Stories

Culture

If you are reading this today, you can thank your parents, grandparents, great-grandparents, and previous ancestors for your existence.

Politics

A former senator, minister, cabinet secretary, chief of staff to Australian former PM John Howard for more than a decade, Arthur Synodinos is Australia’s ambassador to the United States since 2020.

General News

Anton "Tony" Mandros, 87, of Portsmouth, RI, passed to his eternal reward on January 19.

Video

In Mourning Yet Again, NYC Prepares to Honor Fallen Officer

NEW YORK — A city reeling from a recent spate of violence prepared to lay to rest a rookie police officer being hailed as an inspiration to his immigrant community, as investigators sought to make sense of a domestic dispute that left another officer "fighting for his life.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.