Net revenues from the state budget amounted to 14.1bn euros, a 1.34bn shortfall (8.7 percentage points as compared to the 2020 budget projection) and that is due to the impact of the lockdown and subsequent issues.
The High Court delivered its decision just as the next and largest ECB bond-buying programme to address the problems borne of the coronavirus crisis is being launched.
The EU summit on 23 April should demonstrate that not only has Europe learned from the mistakes of the past but also that the Union knows how to act swiftly.
Yannis Stournaras is in constant contact with the ECB in Frankfurt as part of an effort to make sure 10bn euros are available to prop up Greek banks.
Much like her predecessor Mario Draghi, ECB chief Christine Lagarde has declared she will do anything necessary to shore up the eurozone and temper the economic shock of the pandemic.
A series of measures announced by the government are designed to prevent the collapse of the economy and a steep rise in unemployment.
Lagarde’s position reminds us that a wave of populism permeated Greek politics in large measure because it found fertile ground by exploiting the excessive demands of creditors.
“Not till negotiations ended on July 13, 2015, did the EU and Greece agree to a third bailout. In the meantime, the EU’s preparations for catastrophe continued,” Bloomberg reported.
Regling said there are pending issues which Greece must handle before the release of the fiscal surveillance report, on 27 February.
Greece from the viewpoint of international investment capital remains marginal.