Greece's government promises more funds to aid the ailing economy

Greece's government promises more funds to aid the ailing economy

The Greek government has said it Will pump more money into the economy. The European nation which has been indebted for a long time wants to revive its economy. 

Greek pumps billions into a fragile economy 

The Greece authorities have said they would put more than 2.8 billion euros into the economy to help save it from collapse. The coronavirus pandemic has hit the European nation very hard as lockdown continues to bite business in the nation. Prime Minister Kyriakos Mitsotakis said that the aggregate figures of money to be spent this year to help businesses will have to increase to around 12 billion euros, which is higher than the 8 million proposed. 

This becomes necessary as the government is taking huge strides to boost the sick economy and help medical systems. Greece is working towards having an easy transition post-Covid. Greece is just coming out of years of debt-laden crises, and the COVID-19 couldn't have come at a bad time. Though there has been some noticeable effort in jabs administration, infection rates are still on the rise.

Some measures the Greek government hopes to deploy are removing 45% of government loans to businesses and giving more time for others to pay back. The authorities promise to subsidize periodic loan payments for sectors badly hit like aviation and entertainment. The government has also promised to lift lockdown restrictions on resorts and holidaymakers before June.

Opposition lawmakers believe the Bill is expensive 

This is done because the revenue from these sectors is necessary to help the ailing economy. There were slight disagreements from opposition members who feel these bills will come back to haunt them later, however, the Prime Minister said that it is better to save the country now and wait till the future. The economic policies will bring a ray of hope to Greek citizens who have lost a lot in the pandemic.

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