European Commission: from August 20, increased control over the Greek economy is removed

The EC announces Greece’s withdrawal from increased surveillance from August 20 and welcomes the commitment of the Greek government to continue reforms.

Following the Eurogroup meeting on June 16 and further discussions with the Greek government on the action plan, the European Commission, in a statement on August 10, emphasizes that Greece has fulfilled most of the political commitments it made to the Eurogroup when it exited the economic adjustment program in June 2018. The country managed to carry out reforms effectively, despite the rather difficult conditions in recent years – the COVID-19 pandemic and Russia’s military invasion of Ukraine.

The Commission noted the significant improvement in the Greek economy and reduced risks of spillovers to the eurozone economy. The EC stated that it considers it inappropriate to continue keeping Greece under increased surveillance.

Nevertheless, monitoring of the economic, fiscal and financial situation in the country will continue, due to post-program monitoring. The monitoring of outstanding reform commitments will be carried out in the context of the first post-programme report, which will be published in November 2022 and can serve as the basis for the Eurogroup decision on the final tranche of debt relief, which was agreed in June 2018. Greece’s recovery and resilience plan also includes major reforms and investments.

European Commission Vice-President Valdis Dombrovskis and Economic Commissioner Paolo Gentiloni have already informed the Greek authorities about the decision of the EC, writes CNN Greece.

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