ECONOMY

Finance Ministry planning new package of measures to support economy, businesses

finance-ministry-planning-new-package-of-measures-to-support-economy-businesses

The Finance Ministry is preparing a new package of measures, which would be the fourth in a row, to support the economy and the businesses from the repercussions of the coronavirus epidemic. 

All other ministries have been called upon to submit their proposals while several ahve already sent their ideas to Finance Minister Christos Staikouras and the office of Prime Minister Kyriakos Mitsotakis. 

The aim of the new package of support measures is to ensure that more than 440,000 Greek businesses that have been harmed by the epidemic have the best chance of surviving the crisis. 

In addition to tax breaks and relief as regards social insurance contributions, the new package is also expected to include more European Union structural funding.  A separate package is also being devised to prop up the country's crucial tourism sector with a reduction of value added tax rates and other charges. 

Staikouras has indicated tha t a supplementary budget, including 4 billion euros in reserve funds, is to be submitted in Parliament in the coming days. There are also expected to be intervntions regarding primary surplus targets and, by extension, revenue and spending targets.