Greece Allocates 27 Bln Euros To Support Economy In Past Year


Greece allocates 27 bln euros to support economy in past year

ATHENS, Mar 3 (UrduPoint / Pakistan Point News - 3rd Mar, 2021 ) :The Greek state has allocated about 27 billion Euros (32.4 billion U.S. Dollars) over the past year to support businesses and households to cope with the impact of the COVID-19 pandemic, the Finance Ministry said.

The figure includes unemployment benefits, tax cuts, state contribution for social security funds and a series of other interventions to ease the burden of loans and rents for affected households and businesses, local news website reported on Wednesday.

Support measures will continue in the coming months, the ministry said in a press statement, noting that Greece will have at her disposal also a total of 32 billion euros from the new EU recovery fund to overcome the new challenge.

The turnover of enterprises and activities of the Greek economy as a whole in 2020 dropped to 266 billion euros from 307 billion euros in 2019 and gross domestic product (GDP) shrank by 11.7 percent in the 3rd quarter of 2020 compared to the same period in 2019, according to the Hellenic Statistical Authority (ELSTAT).

Greece had just emerged from a severe decade-long debt crisis which brought it to the brink of bankruptcy, when the novel corona-virus pandemic hit the country on Feb. 26, 2020. (1 euro = 1.2 U.S. dollars)

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