Government seeks permission to use the EU’s NSRF funding to deal with effects of pandemic

Still reeling from a decade-long financial depression and with the economy already taking a beating from impact of the Coronavirus pandemic, the government is asking the EU to cut it some slack in the use of NSRF (National Strategic Reference Framework in order to address the latest crisis.

Prime Minister Kyriakos Mitsotakis discussed the issue at length today in a telephone conversation with Elisa Ferreira, the Commissioner for Cohesion and Reforms.

NSRF funding (known by the acronym ESPA in Greece) has offered crucial development support for the Greek economy for decades and in particular during the recent economic crisis.

Mitsotakis cited the critical nature of the situation and the dire straits of the Greek economy in requesting possible flexibility in the use of NSRF funding.

Financial Stability Board

Meanwhile, the Financial Stability Board (FSB) advised countries and financial sectors today to «make use of the flexibility within existing international standards to provide continued access to funding for market participants and for businesses and households facing temporary difficulties from COVID-19.»

In a statement, the global financial system advisory board also asked that they «ensure that capital and liquidity resources in the financial system are available where they are needed.»

Noting that the global financial system today «is in a better position to withstand shocks,» it added that several of its members had «already taken action to release available capital and liquidity buffers.»