Greece: Gov’t announces measures worth EUR 3.8 billion to tackle the impact of COVID-19 on the economy

Greece: Gov’t announces measures worth EUR 3.8 billion to tackle the impact of COVID-19 on the economy

A package of measures worth up to EUR 3.8 billion was announced a few hours ago by the financial staff of the Greek government, with key features the subsidies to workers, freelancers and small and medium-sized enterprises, the provision of liquidity either through loans or through the imminent refund of advance tax payment.

It is worth noting that the above measures concern companies linked to a job-retention clause, which practically means that any employer who makes layoffs during the crisis – provided the business has been shut down by the state or has seen a big loss in revenue – will not be eligible for support. After all, as Labor Minister Yiannis Vroutsis pointed out, the first figures from the unemployment agency are frustrating, even tragic.

At the same time, Finance Minister Christos Staikouras announced a special subsidy of 800 euros for the period March 15 to April 30, which will be paid on the first 10 days of April to business employees who closed or has seen their turnover fall dramatically. For his part, Minister of Development and Investment Adonis Georgiadis announced the payment of the same subsidy to self-employed professionals and individual businesses./ibna