debt crisis
EU releases Athens to fiscal self-determination
«No longer the black sheep of Europe»: Kyriakos Mitsotakis. Photo: Laurent Gillieron/KEYSTONE/dpa
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Most of the requested reforms successfully implemented: The monitoring of Greece by the EU Commission should be a thing of the past in the future.
For the first time since the debt crisis, Greece is no longer to be monitored more closely by the EU Commission.
The finance and economics ministers of the euro countries spoke out in favor of letting the previous regulation expire, as Greece had successfully implemented most of the required reforms.
The country went through a severe financial crisis from 2010 and as a result had to implement tough austerity measures under pressure from its creditors. Since 2018, Athens has been financially on its own two feet. Now there is great joy that the EU is unlikely to renew surveillance in August. The EU Commission still has to give its formal approval, but that is taken for granted.
Prime Minister Kyriakos Mitsotakis commented on the Eurogroup’s announcement that his country was no longer “the black sheep of Europe”. Greece has survived the capital restrictions and recently repaid the last loans from the International Monetary Fund. “This closes a painful cycle that began twelve years ago.”
Finance Minister Christos Staikouras also spoke of a historic day. “Today’s decision by the Eurogroup honors the great sacrifices made by Greek society,” he said in Brussels.