Connect with us

Hi, what are you looking for?


Greece offers more aid to inflation-hit pensioners


ATHENS — Greece’s conservative government has announced more financial aid for pensioners, farmers and businesses hurt by inflation and costly energy bills, launching the latest measures months before a national election.

The government of Prime Minister Kyriakos Mitsotakis has spent more than €40 billion since 2020 on subsidies to support households and businesses struggling to cope with fallout from the COVID-19 pandemic and the Ukraine war.

Last month, it implemented an 8% payment rise for pensioners, the first since a 2010-2018 financial crisis which forced Greece to slash pensions in turn for about €260 billion in bailouts.

However, nearly half of the country’s pensioners did not benefit from the rise because they did not meet the original criteria. The new aid package, which will have a cost of about €800 million, includes a lump sum payment of between €200 and €300 for about one million pensioners by April, Finance Minister Christos Staikouras said in televised comments.

Mr. Staikouras added that a temporary reduction in sales tax for transport, coffee and non-alcoholic beverages would be extended for six months until the end of the year.

“The measure aims to support businesses, as those sectors, have been particularly hit by the financial impact of the pandemic and have still had increased operating costs, due to the energy crisis,” he said.

Greece’s annual EU-harmonized inflation slowed to 7.3% in January from 7.6% in December, easing to its lowest level since February last year, data showed on Wednesday.

Despite soaring energy costs since last year, Greece’s economy has fared well thanks to increased tourism revenue. This year, Greece expects economic output to rise by 1.8% and sees a small primary surplus of 0.7% of gross domestic product in 2023 for the first time since 2019.

Higher-than-expected budget revenue in 2022 and a positive economic performance means the new aid package will not jeopardize the country’s fiscal targets, Mr. Staikouras said.

Greek farmers will also get tax refunds for their transport fuel costs for 2023 and will benefit from a quicker disbursement of outstanding compensation for natural disasters. — Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Source: The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday for operating what...


REUTERS BRUSSELS — European Union (EU) countries’ energy ministers are set to give final approval on Tuesday to the bloc’s law to end sales...


NEWLYWEDS pose for a photographer in front of overflowing garbage bins in a street near the Eiffel Tower as garbage has not been collected...


A WOMAN walks on the ice to a measuring point on the Pers Glacier near the Alpine resort of Pontresina, Switzerland, July 21, 2022....


RAWFILM-UNSPLASH BERLIN  — Global investments in energy transition technologies must more than quadruple annually to stay in line with commitments made under the Paris...


FREEPIK THE UNPRECEDENTED fiscal firepower used to protect the vulnerable from the harsh socio-economic impact of the COVID-19 pandemic and the resulting economic contraction...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.