Greece to Receive €2.7bn in Financial Support from SURE Program

Photo Source: @European Commission

Greece is set to receive 2.7 billion euros in financial support from the European Union’s SURE program that aims to protect thousands of jobs at risk amid the coronavirus (Covid-19) outbreak.

The European Commission, on Monday announced its proposal to the Council to grant financial support of €81.4 billion to 15 member states, including Greece, under the SURE scheme, in efforts to shield workers, businesses and countries.

“We must do everything in our power to preserve jobs and livelihoods. Today marks an important step in this regard: just four months after I proposed its creation, the Commission is proposing to provide €81.4 billion under the SURE instrument to help protect jobs and workers affected by the coronavirus pandemic across the EU,” European Commission President Ursula von der Leyen said.

“SURE is a clear symbol of solidarity in the face of an unprecedented crisis. Europe is committed to protecting citizens,” she added.

Following consultations with the member states that have requested support and after assessing their requests, the Commission proposed to the Council to approve the granting of financial support to:

Belgium – €7.8 billion
Bulgaria – €511 million
Czechia – €2 billion
Greece – €2.7 billion
Spain – €21.3 billion
Croatia – €1 billion
Italy – €27.4 billion
Cyprus – €479 million
Latvia – €192 million
Lithuania – €602 million
Malta – €244 million
Poland – €11.2 billion
Romania – €4 billion
Slovakia – €631 million
Slovenia – €1.1 billion

Once the European Council approves these proposals, the financial support will be provided in the form of loans granted on favorable terms from the EU to member states. These loans will assist them in addressing sudden increases in public expenditure to preserve employment.

More specifically, they will help member states to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed.