Greece leads in EU Recovery Fund absorptions and reforms, says FinMin Hatzidakis at ECOFIN

The Recovery and Resilience Fund enabled investments that otherwise would not have been made or would have been significantly delayed, Minister of National Economy and Finance Kostis Hatzidakis emphasized in his intervention at the ECOFIN meeting in Luxembourg on Friday.

Hatzidakis pointed out that these investments had a positive impact on the European economy as a whole, not just on beneficiary countries.

He also evaluated positively the fact that the funding is tied to reforms agreed upon between the European Commission and member-states.
Regarding Greece, Hatzidakis highlighted that it is receiving the largest financial package relative to GDP. He stated that Greece has been a champion in implementation, having received 14.9 billion euros so far, which represents 41% of the total program, surpassing the European average of 30%. Additionally, Greece has completed 23% of its milestones, compared to the EU average of 17%. He further mentioned that by the end of May, the Greek government plans to submit two additional payment requests for 2.3 billion euros in loans and 1 billion euros in grants, as it has already completed 18 out of the 20 required milestones.

Hatzidakis likened the Recovery Fund to the Marshall Plan, stating, “Very few will argue that the Marshall Plan was not a success, and I am optimistic that the same will happen with the Recovery Fund in the future”, he said. 

At ECOFIN, finance ministers approved a set of conclusions recognizing the contribution of the Recovery and Resilience Fund to the European economy’s recovery from the pandemic, the acceleration of the digital and green transition, as well as the promotion of critical