Commission approves €1 billion Greek scheme providing repayable advances to support the economy in the #Coronavirus outbreak

The European Commission has approved a €1 billion Greek aid scheme to support companies affected by the coronavirus outbreak. The scheme was approved under the state aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020.

The scheme is open to companies active in all sectors and applies to the whole territory of Greece. It is targeted at companies having temporary financial difficulties due to the coronavirus outbreak. The scheme will help to ensure that liquidity remains available in the market, to counter the damage inflicted by the outbreak and to preserve the continuity of economic activity during and after the outbreak. Support under this scheme will be granted until 30 June 2020.

The Commission found that the Greek measure is in line with the conditions set out in the Temporary Framework. The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework.

On this basis, the Commission approved the measure under EU state aid rules. Executive Vice President Margrethe Vestager, in charge of competition policy, said: “This €1bn Greek repayable advances scheme will help to ensure there is sufficient liquidity in the Greek economy. It ensures that the companies which are most impacted by the coronavirus outbreak will continue their economic activity during and after the crisis. The European Commission will continue to work closely with the member states to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU rules.”

The full press release is available online.

Share this article: