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EU uses Regional Development Fund to guarantee up to €1 billion worth of loans for Greek enterprises

EU Commissioner for Regional Policy, Johannes Hahn, in Athens on 21 March, added another element to boost growth by launching a new Guarantee Fund for Small and Medium-Sized enterprises (SMEs) for Greece. This new facility, agreed in cooperation with the European Investment Bank (EIB) will help SMEs which have been worst hit by the crisis to access credit, by providing the banks in Greece with sufficient liquidity.

Barroso proposes measures to accelerate the absorption of EU funds in Greece, and support growth and jobs

In a letter addressed to Greek Prime Minister Papademos Commission President Barroso proposes follow-up actions to support jobs and growth in Greece: more centralisation in the management of Structural and Cohesion Funds, technical assistance and reprogramming unallocated funds to address the souring youth unemployment.

Commission Action team leaves for Greece

The European Commission action team is travelling to Greece to refocus unallocated Structural and Cohesion funds to combat youth unemployment and support SMEs. The work of the Action Team is complementary to that of the Task force for Greece. Similar Action Teams are working in Italy, Ireland, Latvia, Lithuania, Spain, Slovakia, Portugal.

Absorption Rates - Greece

European Commission: Actions with structural funds to promote growth

The European Commission over the last years has taken a range of actions to enhance growth through the use of structural funds, to counter the crisis and ensure a quicker delivery of available funding. Particular attention has been given to Member States which are currently receiving special macro-economic assistance, the so called programme countries (Ireland, Romania, Latvia. Portugal and Greece). For some other Member States a re-programming of funds has taken place, to be able to invest EU funding in sectors where a quick absorption of investments can take place.

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