ECONOMY

Greece does not need to tap ESM credit line, says FinMin

greece-does-not-need-to-tap-esm-credit-line-says-finmin

Greece has no need to tap the eurozone’s pandemic credit line at present, Finance Minister Christos Staikouras said on Friday.

“Based on current data, Greece does not need to resort to the ESM’s (European Stability Mechanism) credit lines since the government has made and continues to make prudent use of the country’s own resources,” he told an Economist conference.

Eurozone finance ministers in May signed off on the details of cheap, long-term credit lines to be made available by the ESM to countries that need cash to cover extraordinary health costs caused by the coronavirus outbreak. [Reuters]