Greece is to receive 860 million euros from the European Union as an extra subsidy given to member states suffering from recession.
European Commissioner for Regional Policy Corina Cretu is expected to confirm the allocation of the funds today (Thursday), according to a Kathimerini newspaper report.
The subsidy is coming from the EU Structural Funds, 4 billion euros set aside for the countries affected most by the financial crisis, as agreed when the 2014-20 period plans were drafted, and the amount is decided based on the needs of the country’s economy. Greece is to get 860 million of that.
The main recipients of the extra subsidies are countries of the European south. Spain and Italy will share a little under 80 percent of the 4 billion euros.
After Greece gets the extra 860 million euros, the total EU funding the country will receive for the 2014-2020 period will reach 21.3 billion euros.
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