Jobs and growth plan for Greece: EU funds at work

SUMMARY OF:

A new start for jobs and growth in Greece – COM(2015) 400 final

SUMMARY

WHAT DOES THIS COMMUNICATION DO?

—	Known as the Jobs and Growth Plan for Greece, it outlines an approach to help Greece maximise its use of EU funds up to 2020.

—	In that timeframe, the European Commission (EC) intends to work with the Greek authorities to mobilise up to €35 billion to help fund investment and economic activity, which is crucial in allowing Greece to return to economic growth.

KEY POINTS

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The €35 billion in EU funding available to Greece up to 2020 will come from the following: — the European Regional Development Fund (€8.4 billion); — the Cohesion Fund (€3.25 billion); — the European Social Fund (€3.7 billion); — the Youth Employment Initiative (€172 million); — the Fund for European Aid to the Most Deprived (€281 million); — the European Agricultural Guarantee Fund (€15.1 billion); — the European Agricultural Fund for Rural Development (€4.7 billion); and — the European Maritime and Fisheries Fund (€389 million).

—	Greece will also continue to benefit from EU programmes like Horizon 2020, which paid approximately €160 million towards financing Greek innovation projects in the first year of the 2014-20 timeframe.

—	As an exceptional measure and in light of Greece’s unique situation, the Commission proposes to improve immediate liquidity from EU funds so that investments can be made now, with their beneficial impact on growth and jobs.

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The €35 billion will be used for: — investments for a wide range of sectors in the Greek economy; — fighting unemployment and poverty and improving social conditions; — improving research, innovation and education; — supporting agriculture and fisheries; and — energy, transport and environmental projects.

—	Technical support for reforms and implementation will be provided by the European Commission’s Structural Reform Support Service, which was created to offer tailor-made technical support to EU countries.

BACKGROUND

Since the Greek government-debt crisis started in late 2009, Greek people have gone through extremely difficult times. The crisis has resulted in weak competitiveness, low productivity (due to a very high unemployment rate), and a very large public deficit. EU support is needed to help complete reforms in Greece, such as improving public administration; fighting corruption, money laundering and fraud; and improving healthcare. It is hoped that these reforms, together with new investments, will bring Greece back to economic prosperity.

—	Press release

—	European Commission — Statement

ACT

Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: A new start for jobs and growth in Greece (COM(2015) 400 final of 15.7.2015)

last update 23.11.2015