On Tuesday, 27 April, Greece is expected to send the final plan for the Recovery Fund to the European Commission. According to secure ot.gr information, at this time the plan has been tabled of the cabinet meeting in progress.
If the “green light” is given, as expected, the 2,000-page text will be sent to the European Commission tomorrow. From there, it will take almost 2 months for the European institutions to give their approval.
Timetable
According to the Commission’s plans, whichever Member State approves the plan first, will receive the corresponding 13% disbursement. For Greece, this amount corresponds to 4.1 billion euros. Thus, if the Greek government submits the National Recovery Plan tomorrow, April 27, the Commission has 2 months, until June 27, to give its final approval.
Beyond that, it takes 1 month for the relevant approval by the European Council, ie July 27th. In other words, if the schedules are met, then Greece could receive the advance payment at the end of July at the earliest.
According to the plan drafted by the European Commission, each year it will borrow about 150 billion euros. The issues will concern bonds (some will be green) maturing in 3 to 30 years as well as interest-bearing bills.
Each year the amount of funds that will have to be raised from markets will be determined and every six months the basic parameters of the financing plan will be updated. It should be noted that all loans must be repaid by 2058.
Latest News
RES: Large Companies Buying PPAs in Greece
Power Purchase Agreements (PPAs) are long-term contracts between renewable energy producers and large corporations seeking to secure electricity at stable prices in a sustainable manner.
School Closures, Ships Docked Amid Bad Weather in Greece
Severe weather in Greece causes school closures and sailing bans. Strong winds, snowfall, and icy conditions disrupt daily life and travel on Tuesday.
Greece to Proceed with Issuance of 10-Year Bond
Regarding Greece's public debt the Agency forecasts that it will continue its downward trend, recording a total reduction of around 56%.
Labor Shortage in Greece: Vacant Job Positions Costing the Economy Millions
Data show that specific sectors are facing particular challenges in filling job positions, with the primary sector struggling to find working hands.
e-EFKA: “Thaleia” Answers Policyholders’ Questions
It is a service provided by the organization, aimed at enhancing the experience for individuals with special needs.
PM Mitsotakis Outlines 2025 Goals for Growth and National Interests
"The government’s work will remain intense and multifaceted, so that day by day, something changes and the lives of all citizens become better," the prime minister stated
Tender for Repairs on Athens Olympic Stadium’s (OAKA) Iconic Roof
Tender for OAKA project, which is expected to exceed 78 million euros, stipulates that repairs, maintenance must be conducted while venue remains open for events
Louis-Dreyfus Family Eyes 21% Stake in Thessaloniki Port
The newly created Amsterdam-based LeonidsPort company has submitted a voluntary public offer for 21%
EUIPO Throws Out Turkaegean Trademark
The trademark had been filed by the Türkiye Tourism Promotion and Development Agency (TGA) in 2021 and immediately generated heated opposition by Athens
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.