FINANCE

First EU cash to come on August 6

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This coming Friday is the most likely date for the disbursement of the first installment from the Recovery and Resilience Plan of the Next Generation EU fund, amounting to 4 billion euros. This will make Greece the first country in the European Union to receive the deposit from the bloc’s extraordinary package of grants and loans, Alternate Finance Minister Thodoros Skylakakis told Parliament.

The minister pointed out that this is a particularly significant prospect as it will offer a clear message to the markets that Greece is marching on.

The €30.5 billion to arrive by 2026 in subsidies and credit can and will change Greece, said Skylakakis, highlighting that “the €12.7 billion of loans will mobilize double investment resources.”

Responding to criticism of the “Greece 2.0” national plan from the country’s opposition parties, the minister argued that “if we have got such a bad plan, then what is wrong with The Economist, with Bloomberg, with the Financial Times and the European authorities? Are they all mistaken in saying that we have a good plan?” He also referred to a recent comment by of Eurogroup President Paschal Donohoe, who said that the Greek plan “was among the best.”