Greek Finance Minister assures country won't require fourth bailout from lenders

Α Decrease font Enlarge font
Greek Finance Minister assures country won't require fourth bailout from lendersAnother 2.5 billion euros ($2.93 billion) had been obtained from the European Union's SURE

 Despite the crushing effects of a more than year-long COVID-19 pandemic that has seen non-essential businesses closed half that time, Greece won't need another bailout from Europe or international lenders, Finance Minister Christos Staikouras said.

Speaking on ANT1 TV he said that while the economy has shrunk some 9 percent and won't see substantial growth for some time that the country is regularly borrowing from capital markets and can sustain itself.

He said another 2.5 billion euros ($2.93 billion) had been obtained from the European Union's SURE (Support to Mitigate Unemployment Risks in an Emergency) program and other revenue sources were being sought.

“There will be no need for a new bailout,” he said, as Greece also is receiving 32 billion euros ($37.56 billion) from an EU COVID-19 subsidy program and Prime Minister Kyriakos Mitsotakis has outlined a plan for recovery.

Greece subsisted on 326 billion euros ($382.68 billion) in three international bailouts from the Washington, D.C.-based International Monetary Fund (IMF) and the Troika of the European Union-European Central Bank-European Stability Mechanism (EU-ECB-ESM) from 2010 to Aug. 20, 2018.

“Our hope is for a gradual reopening of the market and we expect tourism to perform better than last year, while we also expect money flows from the (EU) recovery fund. All this makes us optimistic that there will be a strong recovery followed by strong economic growth,” he said. 

The government in 2020 pumped 17.5 billion euros ($20.54 billion) into aid for laid-off workers and their businesses closed during COVID-19 lockdowns aimed at slowing the spread of the Coronavirus and will be adding more this year.

He said that the seventh round of state loans to enterprises and the self-employed will be paid by the end of April and that there could be an eighth if needed, although there's a conditional opening of most retail businesses.

“We must agree that the measures have been satisfactory in terms of preventing layoffs and business closures, so far. We must see whether some enterprises might find it difficult to maintain their workforce after reopening and that’s why we are examining the continuation of support measures,” he said. 

“We must act promptly and methodically to preserve funds to help households and enterprises. We have the funds to support society, but as the crisis deepens we will not be able to compensate for all the losses suffered by citizens,” Staikouras also added.

Read more at thenationalherald.com

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Tilemahos Efthymiadis

Tornos
  1. 07/05 23:37

    Greece records 2,691 new Covid-19 cases and 63 fatalities on Friday

  2. 07/05 23:26

    AP: TripAdvisor removes insensitive review of Auschwitz Museum

  3. 07/05 23:20

    Tourism Minister announces three new flights from Poland to Greece

  4. 07/05 23:09

    Cyprus to scrap text OK's and replace them with "Coronapass" for moving around

  5. 07/05 22:51

    Greece plans to beat back COVID-19 pandemic by ramping-up vaccination program

  6. 07/05 22:39

    Museums reopen in Greece on May 14 and summer cinemas a week later

  7. 07/05 22:26

    IATA: Rise in Spanish airport charges will damage economic recovery and jobs

  8. 07/05 22:22

    Greek PM: Creating new jobs means attracting more investments to Greece

  9. 07/05 13:59

    Mid-season sales to last from May 5 to May 15 in Greece

  10. 06/05 23:56

    New platform reducing visits to banks, speeding transactions presented to Greek PM

  11. 06/05 23:49

    Embassy of Greece & SHIN-DC present ‘Cosmopolitan Journeys through Greek Music’

  12. 06/05 23:08

    Cyprus Hoteliers content with opening of hotels for Cypriots as of May 10

  13. 06/05 20:22

    Inclusive Greece: Accessibility certification and labelling in tourism

  14. 06/05 20:22

    New UNWTO report shows value of intellectual property to tourism

  15. 06/05 19:38

    Photovoltaics ready to be installed on Mt Athos monastic community in Greece

  16. 06/05 18:36

    Greece and Bahrain to recognize each other's Covid-19 vaccination certificates

  17. 06/05 17:34

    Greece records 3,421 new Covid-19 cases and 83 deaths on Thursday

  18. 06/05 16:56

    Kifissia Flower Show opens in Athens suburb with strict pandemic precautions

  19. 06/05 16:11

    AP: Cypriots will need tests or inoculation to dine out and worship

  20. 06/05 14:17

    Cyprus opens to safe tourists on May 10

  21. 06/05 14:00

    The San Francisco Greek Film Festival wraps and announces awards and events

  22. 06/05 13:45

    United States Tour Operators Association: Greece in top-3 destinations for Americans

  23. 06/05 11:22

    Greek schools ready to reopen on May 10 with mandatory COVID-19 self-tests

  24. 06/05 09:06

    UNWTO, IE UNIVERSITY, SOMMET EDUCATION promote jointly online education

  25. 06/05 00:31

    International Air Transport Association hails G20 push to restart tourism sector

  26. 06/05 00:26

    Elementary schools to reopen on Monday with mandatory self tests in Greece

  27. 06/05 00:10

    G20 praise UNWTO recommendations for tourism's ‘green transformation’

  28. 05/05 23:42

    Global air cargo demand reaches all time high in March

  29. 05/05 23:32

    Greece records 2,093 new COVID-19 cases and 96 deaths on Wednesday

  30. 05/05 23:22

    Greece starts opening while Kalymnos island stays locked down over COVID-19

  31. 05/05 22:25

    Health Minister: Greece aims at vaccinating entire adult population by July

  32. 05/05 22:01

    Fee-based beaches, prep centers and courts to reopen in Greece on May 8-10

  33. 05/05 20:35

    Greeks expect to swing country back to near-normal life during May

  34. 05/05 18:53

    Philo4Thought 2021 Spring Symposium on Leadership & Society held on May 15

  35. 05/05 18:42

    Finance Ministry hails historic low cost in five-year Greek bond issue

  36. 05/05 16:11

    German supermodel Heidi Klum have a smashing time at a Greek party

  37. 05/05 13:52

    Syria’s Greek Orthodox community marked Easter in war-torn country

  38. 05/05 10:38

    Free self-tests for primary and secondary education available in Greece as of May 5

  39. 05/05 00:17

    IATA: High testing costs could stall the recovery of the aviation sector

  40. 04/05 23:39

    Germany shows the way for stolen Parthenon sculptures to return to Greece

  41. 04/05 16:21

    Media report: Optimism returns to Greek tourism

  42. 04/05 16:17

    Cyprus faces first heatwave of the year

  43. 04/05 16:14

    Greece records 2,146 COVID-19 cases and 134 deaths during the last 48 hours

  44. 04/05 16:09

    Michelin-starred British chef Gordon Ramsey spotted in Crete

  45. 04/05 14:01

    Tourism Minister Theocharis in Berlin to promote Greece

  46. 04/05 13:57

    AEGEAN and Olympic announce flight cancellations and reschedules on May 6

  47. 04/05 10:28

    Greece speeds up vaccination campaign

  48. 03/05 19:53

    Strikes in public means of transport in Greece May 4 and 6

  49. 03/05 17:47

    EU Commission proposes to lift Covid-19 restrictions for vaccinated travelers

  50. 03/05 15:24

    President of Republic sends message on opening of restaurants and cafes in Greece

  51. 03/05 14:17

    Greek museums reinvented their contact with the public during the pandemic

  52. 03/05 14:04

    Greek President visits islands of Limnos and Ai-Stratis on Orthodox Easter

  53. 03/05 14:00

    New categorization of countries by Cyprus goes into effect as of May 6th

  54. 03/05 13:49

    Greece first in line to give COVID-19 Green Passports to tourists despite EU quibbling

  55. 03/05 13:46

    Restaurants and bars have reopened in Greece

  56. 03/05 10:11

    Greece plans public shared bicycle program along with electric rides too

  57. 02/05 18:56

    Prime Minister's message following Resurrection services held in Greece (video)

  58. 02/05 14:25

    Online platform for vaccination of citizens aged 45-49 opens in Greece

  59. 02/05 14:22

    Director David Cronenberg to film next movie in Greece with Viggo Mortensen

  60. 01/05 12:56

    Greece records 2,155 new cases and 66 fatalities from Covid on Good Friday

  61. 01/05 12:53

    PM visits Rafina Health Centre and notes high vaccination turnout in 30-39 group

  62. 01/05 12:48

    In Atlanta, Greek Tourism Minister invites Americans to come again

  63. 01/05 12:45

    Restaurants, cafes and bars to reopen in Greece on May 3 but with restrictions

  64. 01/05 12:38

    Media: Archaeologists criticize tourist-friendly Athens Acropolis scheme

  65. 01/05 12:26

    Taste Greek tsoureki for Easter

  66. 01/05 11:33

    Greek President attends memorial service for victims of Covid-19 pandemic

  67. 01/05 09:22

    Greece sending pandemic aid to India through EU civil protection mechanism

  68. 30/04 13:21

    Modified schedules for Athens transport from Good Friday to Easter Monday

  69. 30/04 13:06

    President of Hellenic Republic visits hostel for abused women in Athens

  70. 30/04 11:57

    Cyprus Residential Property Price Index drops for second consecutive quarter

  71. 30/04 10:54

    Ferries to remain docked in Greece on Thursday May 6 due to strike

  72. 30/04 09:14

    Greek Environment Ministry approves amended EIA for Kassandra goldmines

  73. 29/04 20:21

    Cyprus revenue from tourism decreases by 92.3% annually in February 2021

  74. 29/04 20:14

    Greek anti-masker sentenced to 40 days in jail while other violators abound

  75. 29/04 19:59

    Aviation and travel applaud EU parliament vote on “EU COVID-19 Certificates”

  76. 29/04 19:55

    Greek Minister: 30-44 age group rushing to get vaccinated

  77. 29/04 19:37

    Greece extends teleworking measures against the pandemic until May 31

  78. 29/04 18:57

    Rich foreigners and pensioners move tax residency to Greece

  79. 29/04 18:21

    Opening hours of supermarkets and shops in Greece on Friday, Saturday

  80. 29/04 18:17

    Greek Health Minister: Any adult can get vaccinated by June 30

  81. 29/04 17:17

    Greece eases gradually out of COVID-19 lockdown

  82. 29/04 16:48

    Associated Press: How to travel safely and cheaply this summer

  83. 29/04 16:27

    Ecumenical Patriarch issues Encyclical for Greek Orthodox Holy Pascha

  84. 29/04 15:45

    Clinical trials of new Israeli medicine against COVID-19 to start in Greece

  85. 29/04 15:08

    Greece records 2,435 new Covid-19 infections and 73 fatalities on Thursday

  86. 29/04 15:03

    Greek police continue checks at city exits and turn back hundreds of cars

  87. 29/04 13:17

    Cyprus Economic Sentiment improved significantly by 9.2 points in April

  88. 29/04 13:11

    IATA statement slams CAA decision on Heathrow airport charges

  89. 28/04 21:23

    Media report: Greece will only accept official documents from UK tourists

  90. 28/04 21:18

    Greece reinstates tourist visas for fully vaccinated visitors from Qatar

  91. 28/04 21:15

    UNWTO and GOOGLE join forces to guide restart of tourism in Africa

  92. 28/04 20:55

    10th International Congress of European Maritime Heritage September 11-19 in Pylos of Greece

  93. 28/04 20:51

    Minister to BBC: Greece feels ready for the opening of the tourist season

  94. 28/04 20:44

    Greece moves to vaccinate young and old and the elderly even at home

  95. 28/04 20:28

    S&P Global: Another Greek credit rating update ‘quite likely’ in next 12 months

  96. 28/04 18:48

    Greek Foreign Minister meets with United Nations Secretary General in Geneva

  97. 28/04 18:28

    Village travel barred over Covid-19 pandemic as Greece girds for Easter crush

  98. 28/04 18:15

    Greece opens more after Easter and ends some travel restrictions

  99. 28/04 15:35

    Endemic rare orchids another attraction for Lesvos Petrified Forest Geopark in Greece

  100. 28/04 13:52

    National Recovery and Resilience Plan 'Greece 2.0' submitted to EU office in Athens