European Union's Recovery Fund

Greece has received nearly 15 billion euros ($16 billion) in grants and loans from the European Union's Recovery Fund since 2021, a sum which is equivalent to about 8% of its economic output, the government said on Monday.

A project to monitor long-haul trucks by satellite to crack down on contraband activities and human trafficking will be partly funded by the European Union's Recovery Fund.

The project, conceived by the Independent Public Revenue Authority (AADE) is set to be completed in two and a half years.

The government will submit its revised plan for funding from the European Union's Recovery Fund on Thursday.

The revised plan would ditch some approved projects budgeted at €800 million deemed unnecessary or difficult to implement and replace them with others. The government aims to absorb all available EU funds by August 2026.

Morgan Stanley confirmed its positive outlook about the prospects of Greek stocks, noting that, despite the protracted rally - now seemingly over, as the Athens Stock Exchange fell for a fourth successive week - valuations of Greek companies remain attractive. 

A powerful supercomputer will not be ready by end-2024 or early 2025, as originally planned.

When finished, the "Daedalus" supercomputer will be installed at the National Technical University of Athens' Lavrio Technological and Cultural Park, at a former power station. A few days ago, the Central Archeological Council gave the go-ahead for the restoration of the building.

An 8.3-million-euro project bankrolled through the European Union's Recovery Fund is under way on the Aegean island of Naxos to create Greece's first state-run museum dedicated to ancient Cycladic art. 

Among other priceless exhibits, the Museum of Cycladic Culture will showcase idols seized by US authorities from American billionaire Michael Steinhardt in 2021. 

European Commission Vice President Margaritis Schinas likens the European Union's Recovery Fund to crossing the Rubicon, in that it was "a non-return option." Speaking to Kathimerini, he said "the size and quality characteristics of the package are such that they will seal the European integration for many years." Schinas, who recently recovered from Covid-19, described the conspiracy theorists

The next five years could prove pivotal for the Greek economy as the government seeks via its National Recovery and Sustainability Plan to utilize resources from the European Union's Recovery Fund amounting to 32 billion euros - which could reach €45 billion together with private funds - and power the country's GDP to a new level.