For the first time since the debt crisis, Greece is no longer to be monitored more closely by the EU Commission. On Thursday, the finance and economics ministers of the euro countries voted in favor of phasing out the previous regulation, as Greece had successfully implemented most of the required reforms.
The country went through a severe financial crisis from 2010 and as a result had to implement tough austerity measures under pressure from its creditors. Since 2018, Athens has been financially on its own two feet. Now there is great joy that the EU is unlikely to renew surveillance in August. The EU Commission still has to give its formal approval, but that is taken for granted.
“A painful cycle closes”
His country is no longer “Europe’s black sheep”, Prime Minister Kyriakos Mitsotakis commented on the Eurogroup’s announcement. Greece has survived the capital restrictions and recently repaid the last loans from the International Monetary Fund. “This completes a painful cycle that began twelve years ago.”
Finance Minister Christos Staikouras also spoke of a historic day. “Today’s decision by the Eurogroup pays tribute to the great sacrifices made by Greek society,” he said in Brussels.