BUSINESS

Greek peach farmers await Brussels decision on compensation

Greece's peach and nectarine producers were on tenterhooks on Friday, awaiting the outcome of a summit of agricultural experts in Brussels which is expected to determine the size of the compensation they, and farmers in other EU member states, will receive for losses suffered due to the Russian food embargo.

Sources have indicated that the compensation is likely to amount to 20 or 30 million euros. The EC has already earmarked 125 million euros in compensation for producers of other fruit and vegetables ranging from tomatoes, carrots and peppers to apples, pears and grapes.

The compensation is to be awarded only when producers have withdrawn surplus produce from the market to stop prices dropping.

The distribution of surplus peaches has already begun with the bulk going to Greek army barracks, schools, churches and charities.

Greek peach farmers say they are being offered extremely low prices for their produce as thousands of tons sit in refrigerators, or remain uncollected in orchards, following a flurry of canceled orders by Russian firms.

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