• Inside Labour

    The 'casualisation' of the workforce is often a ploy to cut costs, says Terry Bell.

  • When drones go dancing

    Drone technology's future is about to come to life in Cape Town, says Arthur Goldstuck.

  • Testing times for Matona

    New Eskom CEO Tshediso Matona has his work out cut out for him, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Ministers: Bank to pump €1.4bn into Greece

Jul 22 2012 13:45 Sapa-AFP

Related Articles

World Bank chief ready for rich nations

Greek coalition, creditors face showdown

Greece aims to stem layoffs - policy plan

Relief at G20 summit turns to angst

Berlin insists on Greece bailout terms

Greece names new finance minister

 
Athens - The European Investment Bank (EIB) will pump around €1.4bn ($1.7bn) by 2015 to fund infrastructure projects in crisis-hit Greece, the ministers of finance and development said on Saturday.

"I believe the accords will be signed in the coming days. We aim to restart, to reactivate the EIB in the private sector as soon as possible," said Finance Minister Yannis Stournaras after talks with EIB chairperson Werner Hoyer.

Greece's private sector has been starved of funds as the country grinds through a five-year recession that has cut off bank loans and even state contract payments.

EIB loans this year had been limited to just €10m, Stournaras said, as Greece plunged into political uncertainty in May, requiring two elections before a coalition government could be formed to continue EU- and IMF-mandated reforms.

"The agreement is a vote of confidence in Greece.

"Besides infrastructure projects and support for small and medium companies, the cooperation will be expanded to facilitate foreign investment and privatisation," said Development Minister Costis Hatzidakis, according to the state-run Athens News Agency.

There was speculation in April that the EIB would seek to insert drachma clauses into its contracts with Greek firms to ward against a possible Greek euro exit.

But Stournaras insisted on Saturday that repayment will be in euros.
economy  |  greece
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...