News Local President to announce new package of economic measures on Wednesday

President to announce new package of economic measures on Wednesday

President Nicos Anastasiades, will address the public on Wednesday evening to announce a new package of measures to support employees and the economy.

According to a  press release issued by the Presidency, President Anastasiades will tomorrow preside over a meeting of the Council of Ministers at the Presidential Palace. The meeting will start at 7 p.m local time.

After the meeting, the President will address the public to announce the measures to support  employees and the economy

The new measures follow the withdrawal by the government last week of a bill that would have provided state guarantees for bank loans.

Finance Minister Costas Petrides said at the time that the government had decided to withdraw the bill because the amendments proposed by the political parties changed its philosophy and rendered it impossible to implement.

As initially approved by cabinet, the bill provided for:

– €300 m in guarantees for loans to very small companies

– €1 b in guarantees for loans for medium and large companies

– €200 m n guarantees for loans for very large companies

The loans were to be given by the banks and have a duration of three months to six years.

For very small companies, the guarantee would be covered 85% by the state and 15% by the banks and for medium sized and large companies 70% by the state and 30% by banks.

The bill was subject to the approval of the House of Representatives where the government has struggled to secure a majority.

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