Draft bill on microcredit one of seven tools to support economy, Staikouras says

Draft bill on microcredit one of seven tools to support economy, Staikouras says

"We are dealing with the repercussions of the coronavirus pandemic responsibly and efficiently," Finance Minister Christos Staikouras said on Friday, addressing the Economic Affairs Committee in Parliament. Speaking during the second reading of a draft bill on microfinancing, Staikouras said that this was one of seven tools activated to support businesses and the Greek economy, adding that the government is implementing a realistic, comprehensive and dynamic plan to support the economy.

He said the government's plan was unfolding methodically and decisively and had policies that met the needs of every phase of the health crisis, while its key aims were to strengthen the public healthcare system, support employment, increase the liquidity of businesses and strengthen social cohesion.

With regard to supporting business liquidity, he said the government had activated seven major alternative and complementary tools in this direction:

These included the returnable advance, a suspension of tax and social insurance debts of households and businesses during the crisis months and their payment through low-interest settlements of up to 24 installments, subsidised interest rates for business loans relating to sectors stricken by the pandemic, working capital by the Entrepreneurship II Fund (TEPIX II), new loans through the Greek Development Bank Guarantee Fund that can be leveraged to 7.0 billion euros, while the 6th and 7th measures are a planned generous reduction of the tax advance for businesses and the microfinancing bill currently being discussed in parliament.

On the proposed legislation, Staikouras said that this will create a new framework for microcredit that will help boost the liquidity of small and very small businesses, especially.

Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.