- Greece ended 12 years of fiscal supervision
- The country emerges from four years of increased surveillance after fulfilling majority of its policy commitments to the Eurogroup
- According to Commissioner Gentiloni, the end of enhanced surveillance for Greece represents the symbolic end of the eurozone’s most difficult period
Greece ended 12 years of fiscal supervision imposed by the European Union in exchange for bailouts following a crippling debt crisis on Saturday.
Between 2010 and 2015, the European Union and the IMF provided bailouts totaling more than 260 billion euros ($261 billion).
The country emerges from four years of increased surveillance having fulfilled the majority of its policy commitments to the Eurogroup. Greece has successfully implemented critical reforms aimed at strengthening its economy and public finances. Its accomplishments are all the more impressive given that this period was marked by two major external shocks: the COVID-19 pandemic and Russia’s invasion of Ukraine.
According to Commissioner Gentiloni, the end of enhanced surveillance for Greece represents the symbolic end of the eurozone’s most difficult period.
He praised the people’s sacrifices and resilience, as well as the authorities’ determination.
The sovereign debt crisis that defined the first years of the previous decade presented the European Union with a steep learning curve. He emphasised the importance of the Commission continuing to support Greece in this next stage of its economic development. The EU is expected to work collaboratively to implement the reforms and investments outlined in the ambitious recovery and resilience plan.
Kyriakos Mitsotakis, who became Prime Minister in 2019, stated that his government is committed to eliminating nepotism and corruption in Greece. His policies have played a significant role in reviving Greece’s economy.
Galactik Views