The European Commission has approved a €1.2 billion (US$1.31 billion) Greek aid scheme to support the Greek economy in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on April 3, 2020.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said, “Small and medium-sized enterprises are the backbone of our economy, and they have been particularly hard hit by the coronavirus outbreak. This €1.2 billion Greek scheme will enable direct grants to ensure SMEs can continue their activities in these difficult times and help them bounce back afterwards. We will continue to work in close cooperation with Member States to provide solutions to tackle the economic effects of the outbreak in line with EU rules.”
Following the approval of a €2.0 billion Greek guarantee measure on April 3, 2020 and a second scheme providing €1.0 billion in repayable advances to support companies affected by the coronavirus outbreak on April 7, 2020, Greece notified the Commission under the Temporary Framework of a scheme to support small- and medium-sized enterprises (SMEs) affected by the coronavirus outbreak. The support takes the form of grants and the scheme has an estimated budget of €1.2 billion euros.
Full Content: European Commission
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
