Faster release of EU programme funds for Greece could begin in October, EU Commissioner Cretu says

Gazzetta team 3 Σεπτεμβρίου 2015 - 20:36

A European Commission proposal to speed up financing to Greece from EU programmes can probably start to be implemented from October, pumping more than 35 billion euros into the Greek economy by 2020, European Commissioner for Regional Policy Corina Cretu on Thursday.

If things go as planned, roughly one billion euros could be directed toward the Greek economy during the month, she said.

In a press conference at the European Parliament, Cretu said that MEPs had agreed almost unanimously with the emergency measures proposed by the Commission. She said approval was still pending from the European Council on September 11 and from the EuroParliament's regional development committee on September 17.

In a decision taken on July 15, the European Commission proposed ways to quickly boost liquidity in Greece through an early release of investment funds via EU programmes, such as the disbursement of the 5 pct of financing normally withheld until the programme ended, as well as a decision for 100 pct financing for 2007-2013. This will translate into an additional 500 million euros in additional liquidity and 2.0 billions in savings for the Greek budget.