ECONOMY

Source suggests those in black 
economy will also get assistance

source-suggests-those-in-black-economy-will-also-get-assistance

Bailout money doled out by eurozone governments to private companies to encourage them to retain employees through the coronavirus storm is unlikely to help those in shadow economies because, due to widespread lockdowns, it won’t generate spending and there will be no trickle-down benefits.

Greece has offered the self-employed 800 euros a month as long as the crisis lasts, provided they pay taxes, leaving hundreds of thousands without financial help.

“All others who work in the gig economy but are completely off radar, meaning they do not report any income to the tax authorities, are not eligible for this support,” a Greek Finance Ministry official said, adding however that assistance for those in the black economy would be announced in the coming days.

[Reuters]