A new start for Jobs and Growth for Greece: €35 billion plan well underway

The European Commission welcomes yesterday’s signature of the Jobs and Growth Plan for Greece by the European Parliament and by the Council. The exceptional measures presented by the Commission for Greece can thus enter into force tomorrow. Greece is set to receive over €35 billion already earmarked from the EU budget over 2014-2020, with €20.6 billion from the European Structural and Investment Funds. €800 million will be paid next week. Overall, almost €1.4 billion will be released in 2015 and €1 billion in 2016; while these exceptional measures will also allow Greece to spend around €2 billion less from its national budget. Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said: “With the entry into force of the Commission’s proposals the EU funds can begin flowing to Greece, starting with a payment of €800 million next week. It is investment in the real economy, in people and companies in Greece. The Commission stands ready to give Greece all the technical assistance it needs to make the most of EU funds at this critical time.” Corina Creţu, Commissioner for Regional Policy said: “I was in Greece last week to discuss the implementation of this package with Prime Minister Alexis Tsipras. These measures are a strong message of European solidarity. It is now up to our Greek partners to do their part and ensure the best use of EU funds on the ground.” The Jobs and Growth Plan for Greece is intended to flank the comprehensive set of reforms agreed between the Greek Government, the Commission and international partners in the context of the new economic adjustment programme. The Commission also offers technical assistance and expertise to Greece through its new Structural Reform Support Service to ensure the swift activation of the funds and their best use to support recovery, and create foundations for sustainable growth