EU to give Greece €2 billion for economic boost

Money will be spent on improving Greece's youth unemployment and helping smaller businesses, according to European Commission president.

EU to give Greece €2 billion for economic boost

World Bulletin / News Desk

The European Union is offering Greece $2 billion ($2.16 billion) for 2015 to help the indebted country improve its massive youth unemployment and to boost economic growth.

European Commission President Jean-Claude Juncker told reporters in Brussels on Friday: "I would like to see these funds being used to provide solutions for the massive youth unemployment in Greece."

"I’d also like the money to be used for small- and medium-sized businesses in Greece," Juncker added.

The European Commission -- the 28-nation bloc’s executive body -- has already set up a team of experts to help Greece make use of the money, according to Juncker.

"Greece has serious social problems," Juncker said. "A country in that position needs further development -- Greece needs assistance and funds are available."

Eurozone partners are demanding that Greece implement economic reforms in exchange for extending its bailout program by four months.

German Chancellor Angela Merkel said Friday that Greece must stick to "every paragraph" of a Feb.20 deal with its Eurozone partners, which Greece signed, and which calls for Greece to implement reforms so that the next tranche of the bailout funds can be distributed.

Greek Prime Minister Alexis Tsipras is expected to meet with Merkel in Berlin on Monday.

Güncelleme Tarihi: 20 Mart 2015, 16:54