Greece to distribute 1.4 bln euros to residents hit by austerity

Greece will distribute 1.4 billion euros as a community dividend to pensioners and others hit hard by the country’s austerity programmes, Primary Minister Alexis Tsipras explained on Monday.

The money is available for the reason that country has beaten its 2017 bailout target for a primary surplus – which excludes debt servicing costs – of just one 1.75 percent of gross monetary output, he said.

Tsipras found power found in 2015 promising to end austerity but was after forced to join up to a fresh EU bailout, the country’s third, in trade for more belt-tightening to preserve Greece found in the euro area. He was re-elected and his term ends in late 2019.

His leftist-led government expectations that after seven years of crisis, Greece’s fiscal performance can help it emerge from EU bailouts in August 2018, when its current rescue package ends.

“For another year, we are able to distribute a community dividend to the people who require it the most. Better prepared and more effective this year, we are able to spend an even bigger amount,” he explained in a televised statement.

This past year, Tsipras unexpectedly announced that the state would spend about 600 million euros to low-income pensioners, a approach that angered the country’s international lenders.

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