Special measures for Greece: 100% absorption rate

Tsipras 2018 Council

Mr Alexis TSIPRAS, Greek Prime Minister. Copyright: European Union Event: European Council – June 2018 (Day 2)

This article is brought to you in association with the European Parliament.

The specific financing measures agreed in 2015 led to the successful completion of projects in Greece, underlined the EP in a vote adopted on Tuesday.

 The rapid decline in GDP faced by all Greek regions due to the crisis, combined with liquidity shortages, the lack of public funds and the unprecedented refugee crisis had stopped a lot of projects, which it was not possible to complete, because they did not fulfil financing conditions.

As such, the European Parliament and the Council agreed in 2016 to implement additional specific financing measures for Greece, in order to not lose cohesion funds under the 2007-2013 programming period and to be able to start projects under the current period (2014-2020), in particular in 2015 and 2016.

The text was adopted with 591 votes for, 71 against and 19 abstentions.

Positive effects on the economy in a period of inadequate liquidity

The implementation of Regulation 2015/1839 allowed programmes and projects to continue thanks to the increase in the EU co-financing rate to 100% for the 2007-2013 period, something which has never occurred for any country or programme. Greece was therefore the first member state to fully take up all of the resources at its disposal and absorbed 100% of community funding in 2007-2013.

In order for projects to be completed during programming period 2014-2020, pre-financing from cohesion funds was increased. As a result, in 2015 and 2016 Greece received additional funding of 2 billion euros, which played an important role in sustaining the Greek economy at a time of stretched financial liquidity.

MEPs noted that according to European Commission data, Greece is among the member states with the best absorption rates of funding during the current programme period.

Need for effectiveness and quality investments

However, MEPs noted that the absorption of funds should not be at the expense of effectiveness, added value and quality of investments.

Quote

Rapporteur Pascal Arimont (EPP, BE), said :

“We as Parliament always emphasised that the funding (…) is tied to putting in place and completing these important projects and to structural reforms, which Greece absolutely had to accomplish. (…) We checked in-depth whether the financial means, 2 billion Euros, have been well invested and used. The result is: Greece has delivered. The country has established a priorities list of important projects and has worked it off. 131 projects were finished in time and no funding has been lost.”

“(The EU) was able to help the Greek people in an efficient way. Yes, these measures were a sign of lived solidarity. (…) In the future, we will need to make sure, that these investments are sustainable, secure jobs and increases quality of life.”

Background

The funding under Regulation 2015/1839 was made available to complete projects in Greece in the following sectors: transport, the environment, tourism, culture, urban renovation and rural reconstruction, social housing, information society and development of human resources. From the 50,000 projects, only 79 remain to be completed, according to the European Commission.

The projects were financed under the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Do men and women really have different leadership styles?

Here’s how data could make our cities safer

EU leaders agree on 2030 Climate and Energy Package: is “flexible” brave enough?

Has the EU economy truly revived from the financial crisis?

South Africa still hasn’t won LGBTQ+ equality. Here are 5 reasons why

The Europeans with a job diminish dangerously

Reintegrating former rebels into civilian life a ‘serious concern’ in Colombia: UN Mission chief

Eurozone: Subdued inflation can lead to more recession

Civil society groups matter for Cambodia’s sustainable development: UN expert

Impact of high debt levels on least developed countries ‘cannot be overstated’, says UN

“C’est la vie”? French recession and unemployment to linger in Eurozone

MEPs want to fund crucial areas to stimulate European growth

The EU-US trade agreement, victim of right-wing extremists and security lunatics

We need to talk about how we define responsibility online – and how we enforce it

UN says ‘many humanitarian achievements’, one year after ouster of ISIL from Mosul

From drones to health data, how Japan can power ahead

The G7 should take the lead on ocean targets for 2020

Trade war or not New York bankers will have it their way

Eliminating waste at scale – eight opportunities for blockchain

Greece: Tsipras’ referendum victory does not solve the financial stalemate of the country and its banks

EU Leaders’ meeting in Sofia: Completing a trusted Digital Single Market for the benefit of all

230 Junior Entrepreneurs and over 70 guests attended the International Congress on “Entrepreneurial Skills for Youth”

Resolving banks with depositors’ money?

Dozens killed and injured by new airstrikes in western Yemen, UN coordinator condemns ‘outrageous’ toll

Time to say goodbye to the plastic straw. But what’s the best alternative?

Preparing the future today: World Health Organisation and young doctors

Brussels waits for the Germans to arrive

Ten UN peacekeepers killed in a terrorist attack in northern Mali

German egotistic inward turn to badly hurt Europe after Merkel’s exit

2018 ‘terrifying’ for Yemenis but ultimately a ‘year for hope’ says UN Special Envoy

What Mary Poppins teaches us about behavioural economics

This is why mountains matter more than you think

Further reforms will promote a more inclusive and resilient Indonesian economy

Gaza investigators call on Israel to review ‘rules of engagement’ as Gaza protest anniversary looms

Young people meet in Malta to shape the future of Europe

ECB tied in the anti-monetary German ideology

UN experts warn Assange arrest exposes him to risk of serious human rights violations

The good news on pensions: sustainable equals profitable

At last some rules on banks

The refugee crisis seen through the eyes of a young doctor from Turkey

Campaign kicks off with High-level Event on #FairInternships

Is the English language too powerful?

US, Russia oblige each other in Syria and Ukraine selling off allies

The Italian ‘no’ and France’s Fillon to reshape Europe; Paris moves closer to Berlin

Appalling overall unemployment in Eurozone at 20.6%

United States: UN human rights office welcomes California moratorium on death penalty

UN chemical weapons watchdog adds new powers to assign blame, following attacks

CLIMATE CHANGE FOCUS: Cutting emissions, one bog at a time

UN envoy ‘encouraged’ by latest talks on avoiding ‘worst-case scenario’ in Syria’s Idlib

Conflicting statistics and bad banks haunt the Eurozone

Batteries can power sustainable development. Here’s how

EU and China to do more in common if the global scene gets worse

A day that Berlin and Brussels would remember for a long time

Every year, South Korea comes to a standstill for an exam marathon

Roxane in Cambodia

Estonia is making public transport free

Questions and Answers on issues about the digital copyright directive

Light at the end of the Eurozone tunnel

This is how people in Europe are helping lead the energy charge

MEP Cristiana Muscardini @ European Business Summit 2014: International Trade in Europe

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s