European Economy

Greece is the story of an extraordinary rebound, European Economy Commissioner Paolo Gentiloni said on Wednesday at the Delphi Economic Forum.

European Economy Commissioner Paolo Gentiloni met with Finance Minister Kostis Hatzidakis on Tuesday and discussed the new framework of fiscal rules, the course of implementation of the Recovery and Resilience Facility (RRF), as well as tax policy issues.

The European Commission gave Athens some much needed fiscal leeway on Wednesday, as in its sixth enhanced surveillance report on Greece it recommended the disbursement of the earnings of eurozone central banks from Greek bond holdings.

Following Friday's agreement by eurozone finance ministers, Greece stands to receive low-interest loans from the emergency credit line of the European Stability Mechanism without any of the heavy conditions it had to meet in the 2010s.

The new bankruptcy law that the government is working on will offer incentives for the merger of companies that have nonperforming corporate loans entering a restructuring process, according to sources. The aim is to have the bill voted into law by the end of April, in line with the country's pledges in the process of the post-bailout enhanced surveillance.

European Economy Commissioner Paolo Gentiloni has expressed his intention to support decisions that will help the Greek economy to grow, sending a positive signal to the government regarding its request for the reduction of the primary surplus target.