Greek state finances will no longer be under the EU’s scrutiny, marking the end of a 12-year pursue. For Greece and all Greeks, it is a “historic day,” according to Greek Prime Minister Kyriakos Mitsotaki.
The European Union’s 12-year fiscal monitoring of Greece, which had been imposed in exchange for bailouts following a dire debt crisis, was terminated on Saturday.
The head of the European Commission, Ursula von der Leyen, stated on Twitter that “Greece can end this chapter and look to the future with confidence owing to the determination and perseverance of its people.”
The 20th of August 2022, according to Greek Prime Minister Kyriakos Mitsotakis, will be “a momentous day for Greece and all Greeks.”
Since the formal termination of the European Union’s creditors’ “enhanced surveillance,” the nation will no longer be subject to a quarterly evaluation of its public finances in order to receive debt relief payments.
Greece’s debt repayment process will still be closely watched by its creditors. Before the last loans in Greece are due for repayment in 2070, it will take another two generations.
A Fresh Outlook for Greece:
The center-right administration of Mitsotakis will have more budgetary independence once the oversight is ended. Additionally, by making Greece more appealing to investors at a time when all of Europe is struggling with the crisis brought on by Russia’s invasion of Ukraine, it will improve Greece’s standing on the global market.
According to forecasts by the European Commission, the Greek economy will grow by 4% this year, significantly faster than the eurozone average of 2.6%.
Featured Image: Wikimeia Commons
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