GREEK ECONOMY

Μost importantly, there is hope for vaccinations this year, and the pan-European digital passport is expected to open the way when implemented.

The latest health data is forcing changes to the original plan, resulting in unfavorable scenarios being put on the table for the duration of the crisis, based on which the state’s additional burden may exceed 3 billion euros by the end of April. The increase in costs is attributed to the extension and addition of support measures until April and the activation of programs subsidizing fixed costs and business loans.

The data published by the EBA is more in line with the pessimistic estimates by the BoG, confirming that in the danger zone there are loans of 10.98 billion euros out of a total of 22.2 billion euros of loans that have been suspended.

One of Greece’s richest municipalities, passed a budget targeting infrastructure projects under the weight of severely reduced revenues brought on by the pandemic.

The main problems for the Greek economy are, firstly, tourism and, secondly, bad loans and mainly the creation of new ones, due to the crisis caused by the coronavirus pandemic.

The shifting to a green economy, digital transformation, the strengthening of employment, private investments and the transformation of the economy are among the main axes of the Greek plan for the EU’s Recovery Fund, as the Deputy Minister of Finance Theodoros Skylakakis presented to a cabinet meeting today.

With an amendment to the law on consumer protection (Law 2251/1994), which was included in the bill for the new debt settlement framework, the Ministry of Development allows insurance companies to increase the premiums on existing long-term health contracts.

The expectation that 2021 could become the starting point of a new course after the pandemic, with high growth rates, was expressed by Greek Finance Minister Christos Staikouras, addressing the 3rd Athens Investment Forum, and added that this growth will be funded with 8 tools that thet will help greek economy to recover.

Α series of new reports have been published in recent days by the European Bank for Reconstruction and Development (EBRD), the Dutch ABN AMRO and Italy’s UniCredit, where forecasts for 2021 were revised lower.

The IMF called the government's quick response to the pandemic "commendable", saying that "timely implementation of travel restrictions, a ban on public events, and other social distancing measures helped contain the initial outbreak.