Greece Expects €4bn of EU Recovery Aid by August

Greece expects by the end of the month to have access to approximately 4 billion euros in support from the European Union’s Recovery Fund, said Finance Minister Christos Staikouras this week.

Staikouras was in Brussels on Tuesday participating in a meeting of EU finance ministers who approved the recovery plans of 12 member states including the “Greece 2.0” plan, paving the way for the release of the first tranche of funding to go toward addressing the impact of Covid-19.

The finance minister said it was a “very important day for Greece and Europe… Greece 2.0 is a coherent and realistic plan that will lead to strong and sustainable economic growth, creating new jobs and stimulating social cohesion”.

For this year, Greece is set to receive approximately 7.5 billion euros – a 4-billion-euro advance and a first tranche of about 3.5 billion euros provided that milestones are met – through the EU’s recovery tool.