Posted on January 24, 2012

As Greek Financial Crisis Deepens, Niarchos Foundation Pledges $130 Million

The Stavros Niarchos Foundation has announced a three-year $130 million (€100 million) commitment to help ease the adverse effects of the deepening socioeconomic crisis in Greece.

The pledge comes on the heels of a $1.9 million (€1.5 million) grant from the foundation in support of a series of pilot programs designed to address mounting social needs in the country. According to the foundation, funds will be made available only to grantees that have the capacity and ability to use them effectively.

The foundation reiterated that it remains committed to complementing, rather than replacing, the work of the Greek state and institutional organizations in the country, and noted that it has received inquiries from individuals who, inspired by its recent initiatives, have expressed interest in co-investing in crisis-related efforts.

The announcement comes as construction in Athens of the Stavros Niarchos Foundation Cultural Center (SNFCC), for which the foundation made its largest single gift ever (€566/$790 million), is set to begin. According to the foundation, the project is of national importance as an engine of short- and mid-term economic growth — and as a testament and commitment to the country's future.

"The crisis is rapidly reversing decades of economic growth," said Andreas C. Dracopoulos, co-president of the SNF board. "Our commitment is to those most in need but is also a promise to future generations. Not only do we intend to offer immediate relief by funding social welfare and health programs, but we will invest in educational programs that should help ensure that the current crisis does not condemn future generations. We hope that today's announcement will inspire many other organizations and individuals that can and must help to do the same."