Greek cabinet approves national recovery plan

Greece’s national recovery plan was given a green light on Monday by the cabinet on Monday and will be presented by Prime Minister Kyriakos Mitsotakis once Brussels approves the final plan in April, government sources have said.

The county’s national recovery plan has the potential to add another seven units to GDP over the next six years, above the natural growth rate of the Greek economy, and to create 200,000 jobs, Mitsotakis said.

“It is a gigantic programme which has the potential to mobilise almost €60 billion, of which €32 billion is guaranteed from the recovery fund: €19 billion in subsidies and the remaining amount in loans. Adding leveraging from the private sector in capital and borrowing, we estimate a total of €57 billion can be mobilised,” Mitsotakis said.

“There are 160 actions outlined in the plan that “relate to public works, investments, reforms and have specific timetables and concern all of Greece and all Greek citizens,” he added.

Greek estimates on almost doubling the national plan’s financial capabilities with money from the private sector might seem a little bit optimistic. (Theodore Karaoulanis | EURACTIV.gr)