applies double standards, in other words nets
debts only when there is money to be collected
–when taxpayers owe the state more money that
the state owes them– it is obvious that most tax-
payers expect the payment of this money like
manna from heaven.
Apart from the settlement of overdue obligations,
the funds of the European Investment Bank are
also expected to play a key role – provided that
the money is wisely used.
“Gold” from the NSRF
Apart from that, almost
€
456 million are expected
to flow into the market through the National
Strategic Reference Framework (NSRF). The
period for the submission of proposals is from
February 25 till April 25, 2013, and will concern
inclusion to the programme “Support to Small and
Medium-sized Enterprises in the Manufacturing,
Tourism, Commerce-Services sectors as part of
the NSRF 2007-2013”.
Investment assistance rates vary from 40% to
60%, depending on enterprise size and region,
while start-up enterprises are also eligible to
receive financing of up to 25% of their operating
costs (e.g. rents, payroll etc.), which, nonethe-
less, cannot exceed 40% of the business plan
budget.
The deadline for the completion of the invest-
ments is 15 months since the issuance of the
decision for the incorporation of projects regard-
ing the manufacturing and tourism sectors and 12
months in regard to commerce-services.
Eligible expenses include: buildings-facilities,
machinery-production equipment, means of
transportation, environmental protection and
energy-saving equipment and facilities, know-
how rights, quality assurance system certifica-
tion, software and related services, promotion-
advertisement, consultants’ fees and operating
expenses.
The applications must be submitted electronically.
Eligible businesses include micro, small and
medium-sized enterprises, either existing (for two
or more fiscal years) or start-ups, which operate
in the manufacturing, tourism and commerce-
services sectors. Subsidized budgets range from
€
30,000 to
€
300,000 in manufacturing,
€
20,000 to
€
300,000 in tourism, and
€
20,000 to
€
100,000 in
commerce-services.
It is really interesting that –for the first time in its
history– the European Investment Bank will act
as a guarantor in order to facilitate foreign trade in
Greece.
Bank recapitalization
That said, the completion of the recapitalization of
Greek financial institutions is expected to play a
key role in restoring liquidity and –most impor-
tantly– stability in the market.
According to the final report released by the Bank of
Greece in late December, “the capital needs for all
Greek commercial banks were estimated at
€
40.54
billion,” of which
€
27.5 billion corresponded to the
four “core banks” (National Bank, Alpha Bank,
Eurobank, Piraeus Bank). These figures are very
close to those that accompanied the financial state-
ments for the first three quarters of 2012.
Based on the central bank’s estimates, the com-
pletion of the recapitalization process ensures
that capital adequacy ratios will remain above the
minimum requirement at least until 2014. This
Trade with Greece
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