Declan Costello, Deputy Director-General of the European Commission, stressed the urgent need for faster reforms and investments under Greece’s Recovery and Resilience Plan, highlighting that there will be no extension beyond the 2026 deadline for its completion. Speaking on Wednesday at a conference organized by the European Commission in Athens, in collaboration with the Foundation for Economic and Industrial Research (IOBE), Costello called for a speedier implementation of the plan, with available resources being fully utilized on time.
Costello noted that the European Union has already disbursed over €360 billion of the total €650 billion allocated to the Recovery Fund, but pointed out that Greece is falling behind on several key milestones.
As of now, Greece still has 240 out of 471 milestones pending, which are linked to €17-18 billion in funds. While the country has made notable progress in absorbing funds, delays in crucial reforms are hindering the full utilization of this financial support.
While acknowledging the progress made, Costello emphasized the need for faster completion of reforms and the fulfillment of at least two-thirds of the required conditions for Greece to fully access these funds.
He also mentioned that discussions regarding an update to Greece’s recovery plan are ongoing, with the aim to finalize them by April. This would help accelerate project implementation and bolster overall investments in the country. Despite the positive developments, Costello underscored that speeding up the process is essential to align Greece’s economy more closely with other European nations.
