Brussels, 01/03/2016 (Agence Europe) - In a speech to the Delphi Economic Forum on Friday 26 February, Regional Policy Commissioner Corina Cretu said she would be prepared to extend the extraordinary arrangements for Greece that were agreed last year to the 2014-2020 period.
“We offered extraordinary 100% co-financing measures, flexibility to address the delays and expert advice for capacity building in order to deliver quality projects. And we are ready to keep these commitments for the new period 2014-2020”, she stated on this her third visit to Greece (see EUROPE 11499), addressing the members of the Delphi Economic Forum which, between 25 and 28 February, brought together Greek and international public and private sector experts to try to find a way out of the economic crisis for Greece.
A source has told EUROPE that, as yet, no decisions have been taken by the Commission, with discussions largely concentrating on reprogramming structural and investment funds to address the refugee crisis.
When the Greek crisis was at its height, the Commission devised an aid plan which included 100% co-financing for the 2007-2013 period, early release of the last 5% of remaining EU payments normally retained until the closure of the programmes in 2017 and a 7% increase in the pre-financing rate for 2015 and 2016 within the framework of cohesion policy (see EUROPE 11360).
Cretu also detailed a “triangle” to put the Greek economy back on track towards growth. In an oblique reference to economist Nicholas Kaldor's “magic square”, the commissioner set out what each of the sides of the said triangle entailed: - improving the reliability of taxation and tax collection; - implementing structural reforms, particularly on administrative capacity, public procurement and access to finance for small businesses; - preparing an ambitious public investment programme, making use, in part, of structural and investment funds. (Original version in French by Pascal Hansens)