Greece—one of the few EU nations with a budget surplus last year—announces $1.15 billion in financial benefits
Greece's prime minister on Tuesday was announced by 1 billion euros ($ 1.15 billion) to financial benefits for low-income homes and the public investment program, after the country became one of several European Union members to post a budget in 2024.
Only six out of 27 EU members posted excess for 2024, shown figures released by Eurostat. Excess Greece of 1.3% of the Gross Domestic Product – compared to a general EU deficiency of 3.2% – is a marked improvement in financial performance for a country who is extremely embarrassed by a debt crisis that has wandered around the EU and international financial markets about a decade ago.
The figures “recorded a significant overcrowding of the national economy and an excess of state coffers. That means, with the help of all, we are better than we expected,” Prime Minister Kyriakos Mitsotakis said on a television television in the country.
“Dynamic growth, along with tax -exemption resistance and a series of other reform steps, has brought additional income, even above the targets we set,” Mitsotakis said. “So despite the strict European fiscal policies, a significant part of them can now be returned to the people.”
To address housing problems, renters will cost a month's rent to return to them every November, beginning this year, Mitsotakis said, while 250 euros (nearly $ 290) each year will be given at the end of each November to older, disabled and uncertain people.
Financial minister Kyriakos Pierrakak said the return of rent will be allocated to households according to the annual income level, and will apply to 948,000 households, or about 80% of Greece renters, while the benefit of 250-euros will apply to a total of 1.4 million people.
An additional 500 million euros ($ 575 million) per year will be paid to the country's public investment programs to accelerate public infrastructure and social projects “and, in the midst of international instability, to increase investments so that new jobs are constantly created,” he added.
Greek fiscal performance has continued to improve since it began appearing a few years ago from the nearly a decade of financial crisis found to have lost access to borrowing in the international bond market, leaving it in a series of global bailouts. Unemployment was turned -kyrocket as the country saw a quarter of its economy.
This story was originally featured on Fortune.com
