Christos Staikouras

As the economy prepares to gradually break free from the shackles imposed by the coronavirus restrictions, the government is drafting the transition from a generalized support system, focusing on the 800-euro allowance to employees, to targeted measures to boost corporate liquidity.

The relevant announcements will be made on Monday by Prime Minister Kyriakos Mitsotakis.

The Greek economy, hit by coronavirus restrictions, is expected to shrink by 5-10 percent this year, the country's finance minister said on Saturday.

"It seems we have been settling at a range of between 5 and 10 percentage points," Finance Minister Christos Staikouras told Open television station.

The Greek state has increased its cash leeway for meeting the challenges of the Covid-19 crisis by 2 billion euros thanks to Wednesday's issue of a seven-year bond, Greece's first market foray after the outbreak of the health crisis in Europe and the country's inclusion in the European Central Bank's emergency bond-buying program.

Greece raised 2 billion euros ($2.2 billion) Wednesday with a 7-year bond auction, a result the government hailed as confirmation of market confidence during difficult times created by the coronavirus pandemic.

The government has another package of business support measures ready for May, top officials at the Finance Ministry assure, as the coronavirus pandemic continues to keep the economy locked down, which will inevitably lead to the use of cash reserves.

The European Union estimates that the Greek economy will contract by 8 to 9 percent this year due to the coronavirus pandemic, much higher than the government's projections.

Officials in Brussels revealed that forecast on Wednesday, during a conference call with the finance ministers of the Greek government regarding the assessment of the Greek economy.

There are still differences between the eurozone member-states, despite significant progress, but they are expected to be bridged by Thursday, Finance Minister Christos Staikouras said on Wednesday to the Athens-Macedonian News Agency.

The Minister's statement reads as follows:

Tuesday's inconclusive Eurogroup teleconference, which will resume on Thursday, sent jitters across European markets, which had expected a decision to protect eurozone economies from the coronavirus avalanche.

Finance Minister Christos Staikouras stated on Tuesday that a market foray in the next couple of months is possible for the Greek state, so as to finance the country's cash needs.

Greek Finance Minister Christos Staikouras was upbeat Wednesday that remaining differences between eurozone governments regarding a trillion euro package to support the economy against the coronavirus pandemic would be bridged by Thursday.