Greece shall be “turning a web page in its fashionable historical past” because the European Fee confirmed on Wednesday that the nation will exit its enhanced surveillance programme this month.
It comes 12 years after requiring a world bailout.
Greece obtained greater than €260 billion from the European Union and the Worldwide Financial Fund (IMF) between 2010 and 2015 to forestall the overall collapse of the nation’s financial system and the chance of contagion to different eurozone international locations.
However this cash got here with strings hooked up and Athens was required to undertake giant financial reforms.
It formally ended its third bailout settlement with the EU in 2018 and entered into the improved surveillance framework so EU authorities might proceed to observe reform progress.
In a letter to the Greek authorities dated 2 August however launched on Wednesday, Commissioners Valdis Dombrovskis and Paolo Gentiloni mentioned that Greece has delivered “on the majority of the coverage commitments” made because it exited its bailout and “achieved efficient reform implementation, even beneath the difficult circumstances created by the Covid-19 pandemic and, extra just lately, by Russia’s navy aggression towards Ukraine.”
“Because of this, the resilience of the Greek financial system has considerably improved and the dangers of spill-over results on different euro space Member States have diminished considerably. Therefore sustaining Greece beneath enhanced surveillance is not justified,” they added
Greek Finance Minister Christos Staikouras took to Twitter to say that 20 August would mark “the achievement of a significant nationwide aim” and praised “the sacrifices of the Greek individuals” in addition to the federal government’s “prudent financial and reform-oriented coverage”.
In his reply to Dombrovskis and Gentiloni, Staikouras mentioned that the reforms applied over the previous three years in areas together with fiscal and fiscal-structural insurance policies, social welfare, monetary stability, labour and product markets, privatizations, and public administration have “put in place a strong platform for Greece to attain sustainable and inclusive long-term progress.”
Regardless of the “international shocks of extraordinary nature”, these reforms, he went on, have allowed the nation to return “to a traditional monetary scenario, thereby turning a web page in its fashionable historical past.”
“We’re decided to proceed alongside this path for the good thing about all our residents and future generations, in addition to the soundness and prosperity of our union,” he added.