Greece gives EU action plan 2.0 for post-pandemic recovery | greece economy


ATHENS – The Greek New Democracy government’s post-pandemic return plan – called 2.0 – has been sent to the European Union to extricate itself from the already lenient COVID-19 lockdown and open stores and malls across the country country.

After the economy shrank by around 10.5% in 2020 as the pandemic raged, forecasts from the Bank of Greece and the Ministry of Finance are optimistic, albeit moderate for 2021, with growth reaching up to at 7% until 2027, the Reuters news agency said. .

The EU will give Greece € 18.2 billion ($ 21.98 billion) in grants and € 13 billion ($ 15.7 billion) in cheap loans which account for almost 16% of the proceeds gross domestic (GDP) of the country, or 165.88 billion euros (200.3 billion dollars).

This will leverage private sector equity and loans, the total value of which could reach some 60 billion euros ($ 72.45 billion) to propel a faster recovery once the pandemic has subsided enough, thanks to the vaccination.

Prime Minister Kyriakos Mitsotakis said earlier that a four-pronged program would bring the country back from the effect of the health crisis that has struck as his government begins to accelerate a slow recovery from an economic and austerity disaster that has lasted nearly ten years, the effects persist. .

Some 70 projects have been proposed, including green energy transformation, digital upgrades, stimulation of high-speed internet, training and social cohesion measures as well as some traditional road and transport infrastructure, added the report.

Deputy Finance Minister Theodoros Skylakakis, in charge of the Stimulus Fund, visited the European Commission’s representative office in Athens on Wednesday morning and handed the acting head of representation, George Moschovis, a copy of the plan national recovery and resilience “Greece 2.0”, which was officially sent and published on Tuesday on the European Union system.

Skylakakis made the following statement:

“Our national recovery and resilience plan ‘Greece 2.0’ was submitted to the European Commission last night. The plan includes 106 investment programs and 67 reforms which are precisely described and costed in 4,104 pages. Greece, which thanks to the negotiations of Prime Minister Kyriakos Mitsotakis, which obtained the most resources per capita in Europe thanks to the Recovery Fund, is the second country to present its final plan.

I would like to thank everyone who has worked so far in the common effort for the feverish and hard work it has taken to get here. Ministers and groups of ministries, members of the Executive Committee of the Recovery Fund, the Deputy Minister for the Coordination of the Governmental Project, Akis Skertsos, the Secretary General of Public Investments and CRSN, Dimitris Skalkos, the Head of the Financial Department Cabinet of the Prime Minister, Alexis Patelis, of the President of the Council of Economic Experts, Michalis Argyrou, of the Secretary General Coordination, Thanassis Kontogeorgis and of the Commander of the Special Service of the Recovery Fund, Nikos Mantzoufas.

But above all, Prime Minister Kyriakos Mitsotakis for his confidence and advice.

The first step has been taken. Now the even more difficult task of absorbing the enormous resources of the Fund follows, which will allow the country to achieve not only a dynamic recovery, but to enter a permanent long-term path of development and change of its productive model. , for the benefit of all Greek society. Our plan has the maturity that allows us to start the projects and investments of the Fund from tomorrow, with our own resources, until the money of the Fund arrives, after the approval of our plan, [which is expected to happen] in the middle of summer. The challenge is enormous, but the opportunity for Greece is unique. “

European Commission President Ursula von der Leyen praised Greece’s recovery plan, in particular the focus on strategic areas such as green and digital policy, in a message posted on Twitter in Greek and English.

“We have received the recovery and resilience plan from Greece. It’s good to see that he is focusing on strategic areas for the future of the country: green [and] digital technology, jobs, skills, private investment and reform. After [an] Evaluation [Greece] could receive up to 30.5 billion [euros] under #NextGenerationEU, ”his tweet said.

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