August 30, 2022
Greece formally exited the bailout era on Saturday, when the EU lifted the “enhanced surveillance framework” imposed after twelve years of painful austerity.
Ursula von der Leyen, President of the European Commission, hailed Greece and its people in a message posted on Twitter.
“Today marks the last day of the enhanced economic surveillance of Greece,” she said. “Thanks to the determination and resilience of Greece and its people, the country can close this chapter, and look to the future with confidence. The EU will always stand by your side.”
At the Eurogroup meeting, Greece was given the go-ahead to exit the strict post-bailout monitoring and return to “European normalcy.”
Greece will continue to be monitored by EU institutions until 2059, when it is expected to repay 75% of the loans granted under the bailout agreements.
Until then, Greece will go through a simple post-program monitoring phase, as Ireland, Spain, Cyprus, and Portugal have, as well as a biannual evaluation, rather than a quarterly evaluation, as has been the case thus far.
Source: Greek Reporter
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