European Commission: “Enhanced supervision of Greece will end in August”

The European Commission has given the green light to a €748 million allocation to Greece from the Eurogroup based on the 14th increased oversight report since the signing of the memorandum, which was published on Tuesday.

In the report, the commission noted that Greece has taken the necessary steps to achieve the agreed commitments, despite the difficult conditions caused by the economic consequences of the new wave of the pandemic and the Russian invasion of Ukraine.

“The increased surveillance of Greece is expected to end in August this year. Based on our assessments and the successful implementation of reforms by Greece, the commission may not renew the enhanced surveillance status after it expires in August,” Economy Commissioner Paolo Gentiloni said on Monday as he presented the 14th enhanced surveillance report for Greece.

The Economics Commissioner explained that if the enhanced supervision of Greece is not extended, then the country will enter the post-program supervision, which included Spain, Portugal and other countries. As for the remaining debt relief payments to Greece, the decision will be made by the Eurogroup, the Commissioner added.

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