Power Pass: until July 15 financial support payment

Greek Finance Minister Christos Staikouras announced that by July 15, all Power Pass beneficiaries will see the accrued amounts on their accounts.

Moreover, the minister announced possible financial support in September.

According to Mr. Staikouras, by July 15, compensation amounts for additional electricity costs from 18 to 600 euros will be paid. He left open the possibility of new support from September to address the rise in prices, noting that the situation is positive, and the first data show the possibility of creating new fiscal space:

“We have found fiscal space and are returning this “cushion” to citizens in the form of subsidies for fuel and energy. Now a new space is being created for intervention, which will be carried out from September.”

He noted that no one knows the rate of increase in gas and fuel prices, however, according to his estimates, they will remain at a high level. Stakouras also spoke about the solidarity contribution:

“We are obliged to cancel it for civil servants and pensioners. This is an obligation for which we must save 450 million euros.”

He noted that these measures are being taken because incomes exceed initial estimates, which allows “strengthening the disposable income of citizens.” However, “needs are not limited, but resources are limited, so we will help those in need purposefully. Money trees do not exist, we try to do our best.”

Regarding the refundable advance, the minister explained that within a week, statements would be sent out, and people would find out how much they would have to return to the state. They will have to decide whether to pay the advance in a lump sum, with a 15% discount, or in installments:

“We took this measure quite a while ago. It amounted to 8.3 billion euros. According to our estimates, about 3 billion euros will be reimbursed. Several companies showed very good results in 2021. Therefore, there were much fewer haircuts. Please note that in general, the turnover of enterprises in 2021 was higher than in the previous one”.

In response to a question about whether any announcements would be made tomorrow, he noted, quoting newsbeast.gr:

“Nothing will be announced tomorrow, we just announced the fuel measures. Citizens have not yet seen energy compensation in their wallets, they will see it by July 15.”

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