Greece to exit EU enhanced surveillance framework

Greece’s Finance Minister Christos Staikouras says the country will exit the European Union’s enhanced surveillance framework on August 20.

“After 12 years … a difficult chapter for our country comes to a close,”

“Greece returns to a European normality and will no longer be an exception in the eurozone.” Christos Staikouras said.

Greece’s emergence from enhanced surveillance will mean more degree of freedom in implementing economic policy and will bring the country’s goal to regain the “investment grade” status closer, Staikouras said.

Greek economic developments and policy have been monitored under the framework since 2018, after Athens exited three international bailouts, totaling more than 260 billion euros, from the European Union and the IMF between 2010 and 2015.

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Athens has delivered on the bulk of policy commitments and reforms it promised and it’s Aug 20 exit from the framework was confirmed by a letter from EU Commission Vice President Valdis Dombrovskis and Economy Commissioner Paolo Gentiloni, he added.

Since exiting the bailouts in 2018, Greece has relied solely on the markets for its financing needs.

The surveillance framework had been intended to ensure the continued adoption of measures to tackle potential sources of economic difficulty and structural reforms to support sustainable economic growth.

Zainab Sa’id