ECONOMY

Parliament to vote on simpler funding rules

Economy Minister Louka Katseli (photo, right) met with exporters yesterday and outlined ways she says the government’s economic policy will help the sector. The government will introduce simpler procedures for distributing European Union funds to businesses in a draft bill expected to be voted in by Parliament today, according to the minister. The rate of absorption of the EU’s 22 billion euros for the 2007-13 period has risen to around 6 percent from 3.2 percent in October, she added. Absorption of EU funds has been low due to red tape and the requirement that Greece co-fund projects by chipping in with 50 percent of the budgeted cost. A faster inflow of money from Brussels is seen as a key factor in helping keep the Greek economy from sliding into deep recession this year.