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Greece has utilized only €800 million given by the Euro funds

18 November 2009 / 17:11:08  GRReporter
2588 reads

Victoria Mindova

Greece has utilized on 3.07% of the money given as part of the National Strategic Framework for Development (NSFD) program. This is the balance sheet at the end of the third out of six year period for supporting the local economy. This was announced for journalists by the minister of economy, development and commercial shipping Louka Katzeli.

The hard bureaucratic system and the lack of adequate execution of the undertaken agreements is only part of the problems, which prevent the effective utilization of the European money. 140 minister decisions were needed in order for NSFD to grant subsidies valued to be €800 million or only 3% of the planned €26 billion. Another factor, which contributes for the bad management of the state aid, is the lack of transparency and the lack of consistent policies by the previous government in the field of state support.

Katzeli said that from the beginning of next year changes in the law will be introduced, in regards to granting state subsidies to small and medium organizations. The Ministry will facilitate small and medium enterprises in terms of how they apply for government credit programs.

Louka Katzeli also said that the Ministry of Economy, Development and Commercial Shipping has planned to add over €16 billion in local economy until 2016. For 2010 they have planned €10.3 billion, which will aid the revival of local economy through the Program for Public Sector Investments. NSFD will finance seven billion Euros and over three billion Euros will be invested by state resources. 

Tags: Greek economy Euro funds Economy
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