ENGLISH EDITION

The government managed to respond to the unprecedented challenge we face with admirable reflexes: it made very difficult decisions when other major European countries failed to do so, minimizing human losses and keeping the health system afloat. This success has been recognized, after many years Greece is covered by the international press in a positive light and is mentioned as a model country in dealing with the current crisis. However, the state of the economy does not inspire any confidence.

During the emergency working conditions, banks managed in a very short time to transfer a large part of their operations online as more than a quarter of the administrative staff worked from home. According to sources, more than 10,000 laptops were handed out to employees from the four systemic banks.

With cancellations on its platform skyrocketing and revenues plummeting, the company is looking forward to a strong recovery next year but there are doubts as to whether it will be in a position to take advantage of a rebounding global economy. As seen in the Greek market, many homeowners are taking their assets from the platform. Indicative of this trend is data from Spitogatos.gr showing a sharp rise in properties for rent in the last 30 days (the increase reaches 44 percent, depending on the area), with most of them furnished or newly renovated.

Hatzidakis noted that the bill that tabled on Saturday, along with a spatial planning bill that will follow, will lay firm foundations for bringing investments and promoting growth.

The deputy minister said that the Greek people will be officially informed about the gradual easing of the measures at the start of next week, stressing that the government was acting according to a plan, after studying all the available facts.

According to sources, the first step will be to reduce special allowances paid to employees, the self-employed, and small businesses that will enter the production process while simultaneously removing the state subsidy for all pension fund contributions. This way, the fiscal cost will be limited and the derailment of the budget will be controlled, reducing the drain on state cash reserves. Another factor pushing the Finance Ministry to change policy is the fact that resources available are not enough to finance such a high bill.

Hellenic Seaplanes remains committed to the goal of flying in Greece in 2020 and is soon expected to make announcements on the delivery of its first aircraft and other technical issues. The company has made significant progress, taking advantage of the online process of submitting the necessary paperwork setting out the technical details of its entire network.

Since the beginning of the year, the general index has fallen by 35 percent while the bank index has given up 65 percent. The situation with European and American banks is similar. Losses booked by domestic banks are almost double as the pan-European index of banks has declined by 35 percent while US bank shares have fallen by 28 percent.

According to the Minister of Development, Adonis Georgiadis, Greece may not have a record tourism season this year but has the opportunity to gain a significant share of the market this year and next, from a smaller tourism market due to its good performance in managing the pandemic.

Greece with 113 deaths, is in the 46th place worldwide in the number of victims from the 39th it was last week. Greece records roughly 11 deaths per one million population, which ranks it 58th worldwide and 21st in EU. The global average is 21 deaths per million, so Greece is under the average rate.