Greece Boosts Virus-Fighting Fund as Its Economy Buckles

(Bloomberg) -- Greece will ramp up the amount of money it will throw at the economy to counter the effects of coronavirus.

The government will spend another 3 billion euros ($3.2 billion) on top of the 3.8 billion euros already announced, Prime Minister Kyriakos Mitsotakis said in televised address. The country will also tap 3 billion euros from the European Union’s long-term budget, taking total funds to about 10 billion euros, he said.

“The following months will be very difficult for the economy,” Mitsotakis said. The measures will make it easier for Greece to support employees and economic output, he said.

Greek authorities have reported 464 coronavirus cases. Six people have died and 19 have recovered. The government in Athens decided on Thursday to close all hotels from March 23 to the end of April, while supermarkets, pharmacies, groceries, gas stations and pet shops will remain open.

Greece was the epicenter of the European debt crisis a decade ago, losing more than a fifth of its gross domestic product.

©2020 Bloomberg L.P.