Europe

EU Commission, Eurogroup Ends Intensified Oversight of Greece

At the Eurogroup meeting on Thursday, the European Commission proposed ending the enhanced surveillance of Greece on August 20, 2022, when the program ends, and not extending it. This decision was made “assuming that most of Greece’s policy commitments were made successfully.”

The 12-year era ends on August 20th.

“This, coupled with the early abolition of capital controls and the full repayment of IMF loans, will restore Greece’s normal condition for the first time since 2010,” he said. Eurogroup The statement followed discussions on Greece’s progress on the implementation of reforms and their macroeconomic outlook, based on the Commission’s 14th Enhanced Surveillance Report.

“This means that oversight of Greece’s economy, finances and financial situation will continue in both the context of established post-program supervision and the context of the European semester. The European Stability Mechanism (ESM) In accordance with existing regulations, we will continue to monitor Greece’s repayment capacity under an early warning system, as well as significant reforms and investments related to the implementation of Greece’s recovery and resilience plans. ” A statement from the Eurogroup was added.

Since the end of bailout in 2010-2018, Greece’s economy and policies have been monitored under the enhanced monitoring framework of the euro area, but Athens relies solely on the market for funding needs. I’ve done it.

The Euro Group also announced the 7th tranche of policy-conditioned debt measures worth € 748 million.

“The Eurogroup welcomed the evaluation by European institutions that the necessary conditions were in place to confirm the release of the tranche,” the statement added.

“Greece has returned to normal in Europe and is no exception in the euro area.” Treasury Minister Christos Stykoulas On Thursday, he commented on the Eurogroup’s decision to end Greece’s enhanced surveillance status.

“Today is a historic day for Greece. A big national goal has been achieved, the country has finished its enhanced surveillance status this summer, with early repayment of IMF loans and lifting of capital restrictions, a difficult chapter for Greece. The Euro Group’s decision today marks the great sacrifice of Greek society and the current government reform agenda in the economic arena. I admit, “Finmin added.

https://www.keeptalkinggreece.com/2022/06/16/commission-eurogroup-end-enhanced-surveillance-for-greece/ EU Commission, Eurogroup Ends Intensified Oversight of Greece

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