Melbourne: Clear sky, 18 °C

Sydney: Broken clouds, 18 °C

Athens: Clear sky, 12 °C

Greek government allocates €1 billion for the poor

As Greece returns to growth, the country plans to use the surplus to assist the most vulnerable part of the population

Node Tools

Rate This

0
No votes yet
Your rating: None

Photo: Wall Street Journal

31 October 2017

All signs show that Greece is returning to growth, and the country plans to use the surplus to assist the most vulnerable part of the population; those Greeks mostly affected by the aftereffects of the ongoing crisis.

With a forecast of a two per cent growth, Greece is expected to achieve a primary surplus of 2.2 per cent of GDP, more than 1.75 per cent of its target.

This excludes debt servicing costs and it will allow for the government to use these funds to set up a "social dividend".

According to government spokesperson Dimitris Tzanakopoulos, "the surplus out performance which will be distributed to social groups that have suffered the biggest pressure during the financial crisis, will be close to €1 billion".

Further details, including the eligibility criteria for this fund, will come in late November after the government gets its full-year budget data.

Despite optimism, the government is believed to be going forward with extreme caution to avoid a rerun of last year's events when Prime Minister Alexis Tsipras unexpectedly announced a one-off Christmas bonus to pensioners, causing furore amongst the country's lenders.

Read more from

Copyright © 2009-2017 Ethnic Publications Pty Ltd ABN 13005 255 087