Karatzas & Partners’ Angeliki Tsatsi and Christos Paraskevopoulos on the recovery measures in Greece in the wake of the Covid-19 pandemic
After almost a decade of deep recession and while being at the verge of sustainable recovery Greece faced the consequences of the Covid-19 pandemic, particularly adverse for an economy where tourism contributes to a very large part of its GDP. Following the global paradigm of using expansionary monetary and fiscal policy as the primary tool to tackle the Covid-19 economic shock the European Union (EU)adopted, among others, the NextGenerationEU recovery plan. Greece was among the first EU member states to seize the opportunity and to submit its national Recovery and Resilience Plan, the so-called Greece 2.0, for the European Commission’s assessment, as part of the EU’s Recovery and Resilience Facility, the heart of NextGenerationEU. Greece’s plan was approved in June 2021 and consists of €17.8bn in grants and €12.7bn in loans, a total financing of €30.5bn towards a green transition, digitalisation and improvement of the business environment.
