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Greece to Use Tourism Revenue to Help Fund Energy Subsidies

ENERGY

Greece plans to use bumper tourism revenue to subsidize domestic energy bills government spokesman Giannis Oikonomou said today.

  • "There has been additional fiscal space thanks to the good execution of the budget and strong growth, despite the energy crisis," Oikonomou said. "Of course, the impressive performance of tourism has helped significantly."
  • Greek Finance Minister Christos Staikouras said today that Athens will spend more than 10 billion euros in additional support to shield consumers from soaring gas and electricity prices this year versus an initial target of 8.5 billion euros.
  • Greece has also imposed a cap on payments to power producers to reflect their real production costs, with proceeds set to help it finance power subsidies.
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