Greece‘s exit from the EU‘s enhanced surveillance framework for Greece‘s economy, ending 12 years of suffering and giving it more flexibility to make its own policies. Greece’s economic performance and policies have been rigorously watched under the framework since 2018 to ensure it carried out the reforms pledged during three multilateral bailouts from the European Union (EU) and the IMF between 2010 and 2015, totaling more than 260 billion euros ($261 billion).
Greece and EU scrutiny: About
- EU authorities had already announced Saturday’s departure, stating that “Athens had largely complied with its obligations.”
- After being obliged to seek its first bailout in 2010, Greece was struck with waves of pension cuts, expenditure restrictions, tax rises, and bank regulations.
- The bailouts caused a 25% decline in the economy.
- The nation has only used the markets for funding since leaving them in 2018.
- The surveillance system was designed to make sure that ongoing structural improvements to support sustainable economic growth and steps to address potential sources of economic trouble were adopted.
- The country’s objective of obtaining a “investment grade” credit rating will also be closer to realisation if Greece emerges from the increased supervision.
Greece: Important Takeaways for All Competitive Exams
- Greece Prime Minister: Kyriakos Mitsotakis
- Greece Capital: Athens