Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure GR-2020-16/675 – Updated – measures in Greece
|Country||Greece , applies nationwide|
|Time period||Temporary, 15 April 2020 – 16 July 2021|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Direct subsidies (full or partial)
|Author||Penny Georgiadou (INE GSEE)|
|Measure added||16 April 2020 (updated 16 November 2021)|
The Ministry of Development and Investment issued a Ministerial Decision on 10 April 2020, in order to provide interest rate subsidy of performed business loans, for 3 months (April, May, June), for the sectors of the economy that are directly affected by COVID-19 pandemic. According to this decision, the considered businesses include players active in the tourism, transport, catering, media and entertainment sectors as well as craft-type enterprises and retail businesses. This list will be updated regularly.
The measure provides companies with an interest rate subsidy of the performed loans as per 31 December 2019. Eligible businesses are the ones that have been financially affected during the COVID-19 pandemic, or which saw their operations suspended under a State decision, provided that, at least, the same number of employees is retained from 19 March 2020 to 31 December 2020.
Banks have already announced that repayment of loan principal for performing as at 31 December 2019 will be deferred until 30 September 2020. This measure may be extended for further 2 months, if deemed necessary. The package of measures amounts to a total of €3.8 billion, drawing €2 billion from the State budget and an additional €1,8 billion from the Special Purpose European Fund set up to deal with the COVID-19 exceptional circumstance.
According to a announcement of the Ministry of Development on 5 July 2021 regarding the programme "Subsidy of interest on existing SME loans affected by COVID-19.
Results of funding applications, it appears that have been approved:
In the same decision is confirmed that the total amount received by each beneficiary from this financial aid measure does not exceed the €800,000, taking into account other supplementary aids received by any given company.
|Does not apply to workers||Applies to all businesses||Does not apply to citizens|
Other social actors (e.g. NGOs)
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Role||No involvement||No involvement|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
There is no involvement of social partners.
There is no available information.
Eurofound (2020), Subsidy of interest costs for performing loans, measure GR-2020-16/675 (measures in Greece), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/GR-2020-16_675.html
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.