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Parliamentary question - E-002182/2022(ASW)Parliamentary question
E-002182/2022(ASW)

Answer given by Mr Gentiloni on behalf of the European Commission

Greece is set to receive under the Recovery and Resilience Facility (RRF) EUR 17.8 billion non-repayable funds and EUR 12.7 billion repayable funds at highly favourable rates.

Disbursements will be linked to the fulfilment of reforms and investments proposed by the Greek authorities, under the criteria that apply to all Member States.

According to the latest Commission simulation, thanks to the RRF funds, the gross domestic product level of Greece is expected to increase by 2.1-3.3% by 2026, without taking into account the positive impact on productivity and growth of the implementation of the envisaged structural reforms.

Taking into account the fiscal effort needed to protect European citizens and businesses from the health crisis, and to support the economy following the pandemic, the Council of the EU decided to activate the general escape clause of the Stability and Growth Pact in 2020, which remained active for 2021 and 2022.

This allowed all Member States, including Greece, to take measures to deal with the crisis, while departing from the European fiscal framework budgetary requirements. Under the current geopolitical context, the general escape clause has been extended to 2023.

The Council also recommended all Member States to pursue a path towards prudent fiscal policies, while providing temporary and targeted support, in particular to the most vulnerable households and firms facing rising energy bills.

For the next year, high-debt Member States, such as Greece, are called to limit current expenditure growth below medium-term potential output growth while for the others a neutral fiscal stance is recommended.

For the medium term, all Member States should pursue a fiscal policy aimed at achieving prudent medium-term fiscal positions.

Last updated: 15 September 2022
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