• Tuesday, 05 November 2024

Greece to exit EU's post-bailout monitoring on August 20

Greece to exit EU's post-bailout monitoring on August 20
Greece will no longer be subject to "enhanced surveillance" by the European Commission as of August 20, Greek Finance Minister Christos Staikouras said in Athens on Wednesday. The release from the EU's curatorship has now been approved not only by the finance ministers of eurozone countries but also by European Economy Commissioner Paolo Gentiloni, he added. The measures were imposed after Greece went through a severe financial crisis starting in 2010 and had to implement tough austerity measures under pressure from its creditors. Greeks lost around 25% of their income in the process. Since 2018, Athens has increasingly been standing on its own two feet financially. The finance minister said that Greece has now successfully implemented most of the required reforms.