We are maintaining a backup for the future, because there is great uncertainty. We will help households and businesses and keep supplies for the future. This was stated by the Minister of Finance Christos Staikouras, speaking to state broadcaster ERT1 after being asked if there will be further support measures after the quarter that covers the package announced yesterday.
Responding to the opposition’s criticism that the package should have been bigger, the minister said that “these are the things we can give. We do the best we can based on the fiscal space and with social targeting for the vulnerable. The priority is to support those who are really in need and not all horizontally.” He described the package as “more fiscally realistic and more socially equitable”.
According to Mr. Staikouras, if funds are spent from the country’s cash reserve (currently amounting to 39.5 billion euros), the budget deficit will widen, which will have to be covered by borrowing from the markets. “If we go out to borrow, we will borrow at a higher interest rate, which will be borne by the taxpayer,” he said.
The minister cited data from the Independent Authority for State Revenue AADE, based on which there are 4.8 million cars in Greece belonging to 3.5 million owners. The fuel subsidy, he said, covers 3 million owners or 86% of the total. He clarified that if there are two cars in a family, the subsidy (subject to the income limit of 30,000 euros) will be given to both as long as they are registered to different names.
Finally, regarding the deadline for the one-time repayment of the loans of the “repayable advance” with a 15% discount, he stated that after the increase of the installments to 96 from 60, the specific deadline is extended from the end of March to the end of May. At the same time, saying that out of the 8.3 billion euros given in total as government loans in the seven cycles of “repayable advances”, the ministry expects to collect 2.3 billion euros while 6 billion euros will not be repaid.
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%