ATHENS – Greece will exit the European Union’s so-called enhanced surveillance framework on August 20, its finance minister stated on Wednesday, a transfer that can enable the nation higher freedom in making financial coverage.
Greek financial developments and coverage have been monitored underneath the framework since 2018, after Athens exited three worldwide bailouts, totalling greater than 260 billion euros, from the European Union and the IMF between 2010 and 2015.
“After 12 years … a tough chapter for our nation involves a detailed,” stated the minister, Christos Staikouras. “Greece returns to a European normality and can now not be an exception within the euro zone.”
Athens has delivered on the majority of coverage commitments and reforms it promised and its Aug 20 exit from the framework was confirmed by a letter from EU Fee Vice President Valdis Dombrovskis and Economic system Commissioner Paolo Gentiloni, he added.
Greece’s emergence from enhanced surveillance will imply extra levels of freedom in implementing financial coverage and can carry nearer the nation’s aim to regain the “funding grade” standing, Staikouras stated.
Since exiting the bailouts in 2018, Greece has relied solely on the markets for its financing wants.
The surveillance framework had been meant to make sure the continued adoption of measures to sort out potential sources of financial problem and structural reforms to help sustainable financial development.
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