ECONOMY

EU funding for Greece could cease

Greece is at risk of exclusion from European Union funds amounting to 13 billion euros for the next funding period — 2014-20.

For that period, the bloc will allocate a sum of 376 billion euros in Structural Funds to its member states, whose distribution will be determined at the end of a crucial three-month period of talks with the European authorities.

The reason Greece is close to exclusion from the funding is that gross domestic product in the country appears to have reached 90 percent of the bloc?s GDP average, meaning it would no longer qualify for Structural Funds.

Greece, like all EU member states, is assessed based on records for the years 2008-10. According to provisional figures, its GDP amounted to an average of 89.6 percent of the EU average in that period.

The official data are expected by September and will determine whether Greece misses out on a significant amount that could boost growth in the country.