Thursday May 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece hopes for 1bln stimulus from European Investment Bank

Greece hopes to get 1 billion euros ($1.31 billion) in financing from the European Investment Bank (EIB) this year as a stimulus for its ailing economy, a senior official said on Saturday.

Greece and the European Commission are pushing the EIB, the European Union's long-term investment arm, to disburse the funds, said Gikas Hardouvelis, top economic adviser to Prime Minister Lucas Papademos.

"I believe in the end it will happen, Hardouvelis told Greece's Mega television, adding the EIB might channel the money into the Greek economy through local banks.

After the success of a debt cut plan on Friday, which opens the way for a 130-billion euro international bailout, Athens is looking for ways to kick-start its stricken economy, now in its fifth year of recession.

Austerity measures associated with its second international bailout in two years have plunged the Greek economy into its longest and deepest slump since World War Two.

Gross domestic product shrank by a record 7 percent in 2011, data showed on Friday. Investment slumped by 21 percent after a 15 percent slide in 2010.

"The faster we do it, the better. The economy is sinking and everyone is too scared (to invest), Hardouvelis said.

But the EIB was still worried about getting too exposed to Greece and a solution to overcome its reluctance might be to disburse the funds using local banks as intermediaries, he said.

The EIB is the largest non-sovereign lender and it gets top-notch terms when it taps capital markets to raise funds thanks to its triple-A rating. Over the past two years, it has already provided more than 700 million euros in financing to large Greek energy firms.

As a way to help boost Greek growth, the European Union has already increased its share of financing in certain EU co-financed projects and said it would help Greece cut red tape to make more efficient use of EU funds earmarked for it.

Greece is entitled to a total 20 billion euros in so-called EU structural funds for the period 2007-2013. It has only used 8 billion euros so far, EU Commission President Jose Manuel Barroso said on February 29.

[Reuters]

ekathimerini.com , Saturday March 10, 2012 (17:07)  
Lagarde says still much work to do in Greek debt talks
European shares edge lower as Greek deal optimism fades
ECBs Nowotny says no to loosening funding for Greece now
New measure to benefit tax dodgers
G-7 weighs in on Greece as Tsipras government told to be serious
Germany and France told Greece to get serious about striking a deal on rescue aid, as ministers from the worlds biggest economies urged a resolution of the crisis to stop it from spilling b...
Athens, creditors offer conflicting views on negotiations
Prime Minister Alexis Tsipras said Wednesday that a deal with creditors was close and government officials said an agreement was being drafted but representatives of the countrys creditor...
Inside News
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next seasons Champions League qualifiers, as the Greens made it three out of thr...
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
COMMENTARY
Endless confusion and worry
The Holy See on Wednesday expressed its own view regarding the Greek crisis. Cardinal Pietro Parolin the Vaticans equivalent of prime minister voiced his concern over ongoing negotiatio...
EDITORIAL
Following up on a positive step
The latest European initiatives aimed at addressing the rising number of asylum seekers and irregular migrants reaching the shores of Greece and other Mediterranean countries are important. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Lagarde says still much work to do in Greek debt talks
2. European shares edge lower as Greek deal optimism fades
3. G-7 weighs in on Greece as Tsipras government told to be serious
4. ECBs Nowotny says no to loosening funding for Greece now
5. Panathinaikos conquers PAOK through Tavlaridis goal
6. New measure to benefit tax dodgers
more news
Today
This Week
1. Endless confusion and worry
2. ECB's Nowotny says no to loosening funding for Greece now
3. G-7 weighs in on Greece as Tsipras government told to be serious
4. Following up on a positive step
5. European shares edge lower as Greek deal optimism fades
6. Lagarde says still much work to do in Greek debt talks
Today
This Week
1. Conspiracy madness
2. Hotel contracts with a Greek default clause
3. Neither Grexit nor a dual currency will solve Greeces problems
4. No more 'quick and dirty' fixes for Greece
5. Some 300 mln left banks on Tuesday
6. Merkel said to plan address for Greece if deal reached
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.