Greece is sending Recovery Fund plans to the Commission tomorrow

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.