BRUSSELS – Slammed by the COVID-19 pandemic just as it was beginning to accelerate a slow recovery from a near decade-long economic and austerity crisis, Greece will get 2 billion euros ($2.16 billion) in assistance from the European Commission.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “This Greek scheme of 2 billion euros we approved today enables the granting of guarantees on working capital loans to help Greek businesses cover immediate working capital needs and continue their activities in these difficult times. We continue working closely with Member States to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU rules.”
The ruling New Democracy has had to roll back plans to return some benefits to those who lost wages and pension payments during the crisis and now estimate that instead of 2 percent growth this year that there will be a recession as deep as 3-4 percent.
Read more at thenationalherald.com
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