The coronavirus outbreak is a major shock for the global economies. Their authorities are making every effort to counter the economic impact of the pandemic. However, the old problems remain. For Europe, one of them is Greece's debt burden. Greeks faced a government-debt crisis several years ago. Moreover, the country was about to leave the European Union, but it was able to convince the world's largest creditors of its solvency.
Currently, the EU is preparing to provide debt-stricken Greece with another bailout package worth €72 billion. The funds will be used to support the economy and implement structural reforms. Greek Prime Minister Kyriakos Mitsotakis personally shared the good news with the residents immediately after the European Commission's draft proposal for a recovery plan was approved.
According to Mitsotakis, the Recovery Fund is a very important turning point in the European Union's policy as it breaks down a taboo on common debt issuance, transferring resources to the members who need it most. Therefore, it marks a historic moment in the EU history.
Notably, despite the pandemic, Greece was one of the first countries that submitted the National Action Plan to Brussels. Now the document that includes the distribution of the allocated funds will be subject to a public comment process before the country's parliament makes a final decision.
