x

Economy

“Twin crisis” Is Limiting Fiscal Space for Additional Support Measures, FinMin Says

November 17, 2021

ATHENS – The state budget, to be tabled to Parliament on Friday, does not include additional support measures for any sector of the economy, based on the existing fiscal space, Finance Minister Christos Staikouras said on Wednesday.

In comments made to SKAI TV, Staikouras said that during the last year and a half the restaurant and related businesses sector has been supported with 2.3 billion euros and that it will continue to be supported with programmes in 2022. The FinMin said the government’s priorities were formed based on the intensity and the extent of the energy and health crisis and were focused on limiting the negative impact on households. He noted that this “twin crisis” was limiting the space for additional measures, although he stressed that a discussion with the prime minister in early December will examine if any more fiscal space can be created.

Staikouras said that the finance ministry will offer a positive recommendation on a plan to raise the minimum wage for the second time in 2022 and reiterated that the state budget envisaged a GDP growth rate of around 7% this year. The finance minister said he expected the inflation rate to rise by 0.5% this year and by 1.0% in 2022, although he noted “I would not be surprised if the inflation rate rose even higher in November and December, up to 4%.” He sounded optimistic, however, that the inflation rate would begin falling in the first quarter of 2022 for products and services and in the second quarter of 2022 for energy costs.

RELATED

ATHENS - The new Athens metro Line 4 (Alsos Veikou-Goudi), expected to go into full operation in 2029, will serve 340,000 passengers on a daily basis, and indirectly serve to 'remove' from daily circulation 53,000 cars, according to assessments.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

NYPD Οfficers, Βystander Save Man who Fell on Subway Tracks (Video)

NEW YORK — Two New York City police officers and a bystander raced to save a man who fell on the tracks at a Manhattan subway station, plucking him out of the way of an oncoming train in a daring rescue captured by an officer's body camera.

NICOSIA - A major project for the Cypriot capital Nicosia, the Mediterranean Hospitality Venture (MHV) is going on and by 2025 will include renovation of the Landmark Hotel into a 5-star development and two high-rise buildings.

THRU DECEMBER 17 NYACK, NY – The Greekish, 8 North Broadway in Nyack, hosts Brunchish & Beats every Sunday, 12-4 PM.

ATHENS - The new Athens metro Line 4 (Alsos Veikou-Goudi), expected to go into full operation in 2029, will serve 340,000 passengers on a daily basis, and indirectly serve to 'remove' from daily circulation 53,000 cars, according to assessments.

ATHENS - The first weekly progress report posted on Facebook last week was received with such unexpected positive response, Greek Prime Minister Kyriakos Mitsotakis said on Sunday, that it prompted him to "repeat this form of communication (.

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.