As of today, Greece is now independent of international aid funds. Eight years ago Greece was on the brink of bankruptcy.
The Financial Times reports “European leaders have heralded Greece’s exit from eight years of international bailouts as the end of the eurozone’s long financial crisis — while warning that Athens must stick to policy commitments it made in exchange for €289bn of loans. Monday was the final day of Greece’s third successive bailout programme, a period of financial aid stretching back to 2010.
EU officials said the end of the bailout showed Greece’s turnround after it teetered on the brink of exiting the currency bloc in 2015. Pierre Moscovici, the EU’s commissioner for economic affairs, said it was a return to normality for the Greek people. “
From today Greece will be treated like any other euro area country”, he said in Brussels. Mário Centeno, the president of the eurogroup of eurozone finance ministers, said Greece had “regained the control it fought for” during years of tough negotiations with its eurozone creditors. Greece is the final eurozone country to conclude a programme of emergency assistance.
Similar help was given to Portugal, Ireland and Cyprus — but Greece’s crisis was of a different magnitude, with the size of the economy shrinking by a quarter. Youth unemployment rose to nearly 50 per cent and 40 per cent of the working age population was left at risk of poverty, according to the IMF.
Read more on the Financial Times