Greek Prime Minister Kyriakos Mitsotakis rejoiced at the end of strict surveillance. According to the EU economic commissioner, this is a symbolically big issue in the entire euro area.
15:56•Updated 15:59
The EU’s 12-year monitoring of the Greek economy ends today. Greece agreed to supervision in exchange for a package that saved the country from the debt crisis in 2009.
The trio known as the Troika, which in addition to the EU included the International Monetary Fund, the IMF and the European Central Bank, also demanded, among other things, strict economic discipline, tax increases and privatization in return for the 289 billion euro rescue package.
– The 12-year period that brought pain to our citizens, divided society and led to the stagnation of our economy is now over. Growth, unity and well-being will result in new prospects, said the prime minister Kyriakos Mitsotakis.
Even if the EU’s financial control ends, the creditors who lent money to Greece will continue to keep a close eye on the country’s economy at least until 2070, when the last loan matures. However, the end of supervision may, for example, increase the attractiveness of Greece in the eyes of international investors.
The Greek economy is growing faster than the rest of the euro area
This is also an important issue for the entire European Union and the euro area, says the EU Economic Commissioner Paolo Gentiloni.
– The end of enhanced supervision of Greece also symbolically marks the end of the most difficult era in the euro area.
However, in Gentiloni’s opinion, the entire euro area has learned from the crisis, which can be seen, for example, in how united it was able to act in the crisis caused by the corona pandemic.
– We must show the same solidarity and unity even now, when our economy faces new slowdowns.
There are still problems in the Greek economy: unemployment is the highest in the euro area, the minimum wage is the lowest, and the share of government debt in gross domestic product is 180 percent.
However, according to the European Commission, the Greek economy will grow by 4 percent this year, while the average growth of the entire euro area is 2.6 percent.