Greece’s exit from enhanced EU scrutiny ends 12 years of pain, prime minister says

Greek Prime Minister Kyriakos Mitsotakis attends a NATO summit in Madrid, Spain June 30, 2022. REUTERS/Susana Vera/File Picture

ATHENS, Aug 20 (Reuters) – Greece’s exit on Saturday from the European Union’s so-called enhanced surveillance framework for its financial system ends 12 years of ache and permits the nation larger freedom in coverage making, its prime minister mentioned.

Greece’s financial efficiency and insurance policies have been carefully monitored below the framework since 2018 to make sure it carried out reforms promised below three worldwide bailouts – totalling greater than 260 billion euros ($261 billion) – from the European Union and the IMF between 2010 and 2015.

EU officers had confirmed Saturday’s exit earlier this month, saying Athens had delivered on the majority of its commitments. learn extra

“A 12-year cycle that introduced ache to residents now closes,” Kyriakos Mitsotakis mentioned in a press release. “Exiting the improved surveillance framework means larger nationwide leeway in our financial selections”.

Greece was hit with waves of pension cuts, spending constraint, tax will increase and financial institution controls after it was compelled to hunt its first bailout in 2010. The financial system shrank 25% in the course of the bailouts.

Since exiting them in 2018, the nation has relied solely on the markets for its financing wants.

The surveillance framework was meant to make sure the continued adoption of measures to sort out potential sources of financial issue and structural reforms to help sustainable financial development.

Greece’s emergence from the improved surveillance may also carry nearer the nation’s aim of regaining an “funding grade” credit standing, Mitsotakis mentioned.

($1 = 0.9966 euros)

Reporting by Lefteris Papadimas Modifying by George Georgiopoulos and Mark Potter

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