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Greek gov’t measures for workers, businesses affected by Thomas Cook collapse

The Greek government announced on Saturday a series of measures for tourist businesses and workers affected by the collapse of British Thomas Cook. The measures were announced after a meeting of representatives from the Finance, the Labor and the Development ministries.


The number of required insurance stamps (IKA/EFKA) for the payment of unemployment allowance is reduced from 100 to 80.

The allowance will be paid out for one extra month.

Greek Employment Organization (OAED) will launch a special job support program so that affected businesses may not need to let workers go.

The measures apply for tourism industry workers who are prematurely fired by companies affiliated with Thomas Cook.


6-month suspension of the Value Added Tax payment.

This measure will apply to companies with more than 25% of their turnover coming from Thomas Cook customers.

The Greek Development Bank (HDB) is to work out a support plan for companies affected by TC’s bankruptcy.

For companies with loans from the National Entrepreneurship Fund (ΤΕΠΙΧ), ways are sought with the partner banks in order to revise the terms of lending.

Interest-free loans are also being considered, with the necessary grace period to facilitate cash flows of companies that have been directly burdened by Thomas Cook’s bankruptcy.

In order to facilitate investment, it has been decided to prioritize the investment controls that these companies have submitted to the development law in order to accelerate the disbursements in question.

The government is also considering a plan for business tax relief by extending the deadline for applying for a tax deduction for income tax in 2019. This provision will reportedly be finalized soon.

The Greek tourism industry estimates the loss from the TC collapse up to 500 million euros.

The company’s payment policy was 90 days after the departure.

According to hoteliers said that they have not been paid for July and August.

Many hoteliers who worked mainly with TC customers, especially on the island of Crete, have said that they will close their hotels earlier this year.

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