Legal provisions of COM(2020)449 - Proposal to grant temporary support under Council Regulation (EU) 2020/672 to Greece to mitigate unemployment risks in an emergency situation following the COVID-19 outbreak

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dossier COM(2020)449 - Proposal to grant temporary support under Council Regulation (EU) 2020/672 to Greece to mitigate unemployment risks in an ...
document COM(2020)449 EN
date September 25, 2020

Contents

Article 1

Greece fulfils the conditions set out in Article 3 of Regulation (EU) 2020/672.

Article 2

1. The Union shall make available to the Greece a loan amounting to a maximum of EUR 2 728 000 000. The loan shall have a maximum average maturity of 15 years.

2. The availability period for financial assistance granted by this Decision shall be 18 months starting from the first day after this Decision has taken effect.

3. The Union financial assistance shall be made available by the Commission to Greece in a maximum of eight instalments. An instalment may be disbursed in one or several tranches. The maturities of the tranches under the first instalment may be longer than the maximum average maturity referred to in paragraph 1. In such cases, the maturities of further tranches shall be set so that the maximum average maturity referred to in paragraph 1 is respected once all instalments have been disbursed.

4. The first instalment shall be released subject to the entry into force of the loan agreement provided for in Article 8(2) of Regulation (EU) 2020/672.

5. Greece shall pay the cost of the funding of the Union referred to in Article 4 of Regulation (EU) 2020/672 for each instalment plus any fees, costs and expenses of the Union resulting from any funding related to the loan granted under paragraph 1 of this Article.

6. The Commission shall decide on the size and release of instalments, as well as on the size of the tranches.

Article 3

Greece may finance the following measures:

(a)a special allowance provided to employees whose labour contracts have been suspended, as provided for in Article 13 of ‘Legal Act of 14 March 2020’;

(b)the social security coverage of employees under the measure referred to in point (a) of this Article, as provided for in Article 13 of ‘Legal Act of 14 March 2020’;

(c)a special allowance to professionals who are self-employed, as provided for in Article 8 of ‘Legal Act of 20 March 2020’;

(d)a short-time work scheme, as provided for by Article 31 of ‘Law 4690/2020’;

(e)the employer social security contributions for employees in seasonal enterprises in the tertiary sector, as provided for in Article 123 of ‘Law 4714/2020’.

Article 4

Greece shall inform the Commission by 30 March 2021, and every six months thereafter of the implementation of the planned public expenditure until that planned public expenditure has been fully implemented.

Article 5

This Decision is addressed to the Hellenic Republic.

This Decision shall take effect on the date of its notification to the addressee.

Article 6

This Decision shall be published in the Official Journal of the European Union.