Invest & Trade in Greece Newsletter (20 Mar 2020)

Date: Mar 2020

The Greek moved quickly to address the new coronavirus pandemic by swiftly implementing public health measures and pledging at least €10 billion in public assistance to ease the economic shock of the outbreak.

“The next few weeks will be decisive for our country,” Prime Minister Kyriakos Mitsotakis said in a nationally televised address on March 19. The Greek economy will also face difficulties over the next few months, he added, but the government “now has more weapons” at its disposal to support workers and businesses.

Following an initial €3.8 billion support package, the Greek government has since pledged a further €3 billion from the budget, and an equal amount of European Union structural funds, to support the economy. The total package is equal to more than 5% of GDP and includes, among other things, employment subsidies and a rent relief program.

Earlier last month, the Euro group released Greece from meeting its primary budget surplus target of 3.5% of GDP this year.

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