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Economy

Staikouras: Greece Will Extend, Expand and Enrich the Support Package

November 5, 2020

ATHENS — Finance Minister Christos Staikouras on Thursday said that the government will extend, expand, enrich and strengthen the support package for employees and enterpises after the restriction measures for the pandemic to be announced by Prime Minister Kyriakos Mitsotakis at noon.

Staikouras, speaking to the public broadcaster ERT, underlined that the support measures will move on four axes: support of workers, businesses liquidity, suspension of tax obligations and the reduction of rents.

According to the minister, there are sufficient cash reserves (today they stand at 37 billion euros, the same as at the start of the health crisis) to support a large part of society even in the worst-case scenario. "We fill the coffers and we offer them to the real economy," he said.

The minister estimated that a full lockdown will cost over 2.3 billion euros while the final draft of the 2021 state budget will include a revised forecast for a deeper recession this year. He clarified, however, that in 2021 there will at least be no fiscal rules and targets in Europe, which will mean there is fiscal flexibility.

 

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