In an own initiative report adopted at the European Parliament's plenary session on Tuesday 11 September (591 votes in favour, 71 against and 19 abstentions), MEPs hailed the European Commission's action for Greece in 2015 that introduced specific adjustments as part of cohesion policy.
The Commission notably brought EU co-financing to 100% for projects supported in Greece over the 2007-2013 period, and increased the rate of pre-financing by 7% for 2015 and 2016 (see EUROPE 11360), making around another €2 billion available for the country.
During a debate on Monday 10 September, the initiative was commended by the majority of MEPs. Several stated that without these adjustments a number of projects from the previous period could not have been finished. For example, European Regional Policy Commissioner Corina Creţu thus gave five motorway concessions as part of the Trans-European Transport Network (TEN-T) programme, which were completed thanks to the Commission's action at a time when they were under threat of being abandoned. Overall, the report says that the structural and investment funds apparently enabled Greek GDP to grow by 2% in 2015 compared with what it would have been without this financing.
However, the MEPs insist on the specific nature of these measures. The rapporteur thus says that "flexibility" can be "encouraged" but only in "exceptional circumstances" and as long as the government engages in appropriate structural reform policies.
Some voices nevertheless dampened the enthusiasm that was in the air. Notis Marias (ECR, Greece) thus criticised the EU's ambivalent role – which rightly imposed austerity policies at the start of the freeze of certain projects. In his view, this exceptional provision is the logical consequence of the action of the former troika of Athens creditors. Jean-Luc Schaffhauser (ENF, France) meanwhile criticised the colossal sums injected into Greece for a result he basically considers disastrous.
The same day, Greece's Prime Minister Alexis Tsipras hailed his country's exit from the third and final financial assistance plan (see EUROPE 12077) and the return to growth (see other article). (Original version in French by Pascal Hansens)