EU's Recovery Fund

A few days after raising the outlook of Greece's credit rating to "positive," Moody's referred to the factors that contributed to Greece's Ba1 rating and prevented the granting of investment grade to the country.

An ambitious plan to introduce a new judicial charter and structural changes to the justice system will be debated by Cabinet later this month after being presented to Prime Minister Kyriakos Mitsotakis last week by the Justice Ministry.

Its ratification is being expedited, as it is one of the key prerequisites of the EU's Recovery Fund for the disbursement of important tranches.

The revised plan for projects to be financed through the EU's Recovery Fund that was submitted by the Greek government Thursday notably requests an extra €795 for projects that will help in the transition to green energy, from households making their homes more efficient to production of biomethane and carbon capture projects.

Since the beginning of 2021, Greece's four biggest banks - Alpha, Eurobank, National and Piraeus - have lent businesses some €70 billion, and businesses, in turn, have paid back €55 billion from these or earlier loan.

The net credit expansion of €15 billion is considered low and there are worries that it may drop further in coming years.

Five of 21 planned irrigation projects, with an estimated budget of €800 million, are ready to proceed with the call for binding bids.

The largest project, worth €210million, is the irrigation of the Xanthi plain, in northeastern Greece, from the Nestos River.

The EU's Recovery Fund will contribute 30% of the cost.