Extension of the special purpose compensation to other sectors was announced by Chr. Staikouras

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The extension of the measure of special purpose compensation to other sectors of the economy, such as e.g. playgrounds, theaters, event venues, etc., in support of the pandemic, announced the Minister of Finance, Christos Staikouras.

Speaking to Alpha TV and asked about the VAT reduction, he replied that at first there was no disagreement with the Minister of Development. “We did look at it in all products,” he said, adding, however, that the country has the highest debt and the third highest primary deficit (around € 13 billion) in Europe, has no investment grade, is under enhanced supervision, The ECB is expected to change monetary policy and from 2023 fiscal rules will return. Under these circumstances, he noted, “in mid-January we can not proceed with an expansionary policy and derail the budget. But everything is on the table for evaluation, depending on how the situation develops.”

The minister said that the cash amounts to 38 billion euros and is a powerful weapon against market fluctuations. But there is a high budget deficit (due to support measures, which were the fourth highest package in the world), so economic policy must be pursued with prudence, prudence and insight. He concluded by saying that the measures will be gradually withdrawn, depending on how the economy will move, while the government will be close to companies and employees for as long as needed.

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Source From: Capital

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