Greece more than covered its targets for absorbing community funds in 2013, reaching 118% of the target set by a memorandum signed with the country's creditors, with another €5.8 billion remaining to be absorbed in the 2014-2015 period, Development and Competitiveness Minister Costis Hatzidakis said on January 2.Greece achieved an absorption rate of 74% last year, with spending increased by 47% compared to 2012.

Presenting a report for the National Strategic Framework and the Public Investments Programme for 2013, Hatzidakis noted that absorption of community funds totaled €4.6 billion last year, from a memorandum target of €3.89 billion. He also made special reference to the Public Investments Program that was 100% implemented in 2013, channeling €6.6 billion into the market. Total spending was €16.5 billion, with spending in the last 18 months totaling the spending of the previous three-and-a-half years.

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