Green Fund sees budget slashed

The Green Fund, set up in 2010 so proceeds from building penalties could be used to improve the environment, has suffered a further setback after the government issued a legislative act that allows only 2.5 percent of its reserves to be used for green projects, such as creating parks, with the rest going toward the state budget.

“This is a terrible development,” the fund’s president, Costas Serraos, told Kathimerini. “We will have a budget of just 50 million euros in 2013.”

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