Eurogroup : Greek economy to be hit hardest in EU due to COVID-19 pandemic

BRUSSELS, June 11 (KUNA) -- Finance ministers of the 19-member Eurogroup in a video conference Thursday discussed Greece's progress with reform implementation and its macro-economic outlook.
"As in most member states, the economic and social situation in Greece has been adversely affected by the COVID-19 outbreak, and the economic outlook is subject to high uncertainty," said the Eurogroup in a statement released tonight.
"The Greek economy is expected to be among the hardest hit in the EU in 2020, although a fairly strong recovery is projected for 2021," it noted.
The Eurogroup commended the Greek authorities "for the quick and decisive policy response, both in containing the outbreak of the virus and in taking the necessary economic and fiscal support measures." Klaus Regling, Managing Director of the European Stability Mechanism, the EU's permanent bailout fund, told a press conference after the meeting that the ministers approved the disbursement of 640 million euro (USD 723 million ) in debt relief as grants, and 108 million euro (USD 122 million) as loans to Greece. (end) nk.bs