Greece To Spend $26Bln To Support Economy, Workers During COVID-19 - Government

The Greek government estimates that it will spend a total of 24 billion euros ($26 billion) as part of stimulus packages to support the national economy during the coronavirus pandemic, government spokesman Stelios Petsas said on Thursday

ATHENS (UrduPoint News / Sputnik - 09th April, 2020) The Greek government estimates that it will spend a total of 24 billion Euros ($26 billion) as part of stimulus packages to support the national economy during the coronavirus pandemic, government spokesman Stelios Petsas said on Thursday.

The government's first plan to support workers and businesses during March and April and strengthen the health care system came out to only 6.8 billion euros, or 3.5 percent of the national GDP. These funds do not include support from European donors. According to the plan, 1.7 million workers, or 81 percent of the private sector, will receive 800 euros each. About 800,000 companies representing 76 percent of all legal entities will also get some support.

"The government is preparing a coordinated package of measures to support the economy.

The budgetary measures approved for March and April are already being implemented, and we are planning to do the same for May and June. Thus, the total budgetary measures amount to about 14 billion euros ... In addition, we are implementing a package of about 10 billion euros to strengthen the liquidity in order to help companies cope with today's challenges ... Thus, the total package is 24 billion euros or about 13 percent of the GDP in 2019," Petsas said at a press conference.

Since March 23, Greece has been under quarantine to stop the spread of COVID-19, with citizens prohibited from leaving their residences except to go to work, shop for food and tend to medical emergencies. Since March 14, the work of small businesses has been suspended.

Greece has confirmed 1,884 cases of COVID-19 so far, including 83 deaths.