Greece Excels in Absorbing EU Funds During 2014

Greece has spectacularly surpassed by 140 percent its targets in absorbing EU funds in the first half of 2014, a Ministry of Development report said.

According to a ministry report, the country has managed to surpass its targets in absorbing Community funds – by a memorandum agreed with its lenders – for the fourth successive six-month period. In the first half of 2014, absorption of funds totaled 1.4 billion euros, while the target set was 1 billion. Greece has surpassed its targets by 102.64 percent in the second half of 2012 (2.564 billion euros) and by 118 percent in 2013 (4.6 billion euros).

“Completing the absorption of Community funds and a timely preparation and approval by the EU of a new program will allow the transition from the old to the new period without any gaps and delays. The EU has already approved the Greek program,” the ministry said in a report. Greece ranks third among the EU-28 in absorbing Community funds. It ranked 18th in June 2012.

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