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Coronavirus Pandemic: EU Approves €2 Billion Aid Package to Support Greek Businesses

The European Commission has approved a 2 billion euro Greek aid scheme to support the Greek economy in the context of the coronavirus outbreak.

The scheme was approved under the State aid Temporary Framework adopted by the Commission on March 19, 2020, as amended on April 3, 2020.

Executive Vice-President of the Commission Margrethe Vestager, in charge of competition policy, said: “This Greek scheme of 2 billion euros we approved today enables the granting of guarantees on working capital loans to help Greek businesses cover immediate working capital needs and continue their activities in these difficult times. We continue working closely with the Member States to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU rules.”

It is noted that Greece’s Finance Minister Christos Staikouras, speaking with ALPHA TV on Friday, said that he expects a recession of 3-4 percent for 2020 in Greece.

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