Greece exits enhanced surveillance by the European Commission

Greece exits the enhanced surveillance of the European Commission

Greek Prime Minister Kyriakos Mitsotakis

After twelve years of heightened surveillance imposed by the European Commission, Greece is turning a page, “a historic day for Greece and the Greeks,” Greece's Prime Minister announced in an address to the nation on Saturday.

A 12-year cycle that has brought pain to citizens, stagnated the economy and divided society is closing, Conservative Prime Minister Kyriakos Mitsotakis said on Saturday.

A clear new horizon of growth, unity, prosperity is emerging for all, he added.

realizes that its coffers are empty appeals to the European Union, the European Central Bank, and the International Monetary Fund.

Since 2010, three rescue plans of 289 billion euros have been put in place by these creditors who are demanding that Athens take austerity measures aimed at improving the country's public finances and bringing money in the boxes. Pensions and wages are reduced, taxes are increased, public hiring is frozen, the budgets of administrations, hospitals, and all public bodies are cut.

In 2018, the third program ends, but the European Commission then launches an enhanced monitoring regime for the Greek economy to verify the implementation of the reforms taken and the continuation of privatizations. Athens is also committed to maintaining a primary surplus (before debt service) of 3.5% of gross domestic product (GDP).

Greece d' today is a different Greece, assured the Prime Minister.

We have strong growth and a significant drop in unemployment of 3% since last year and 5% since 2019, he also added.

The European Commission expects growth of 4% this year while on average in the euro zone it is expected to rise to 2.6%.

But unemployment remains one of the highest in the euro zone, the minimum wage the lowest. one of the lowest, and the debt of 180% of GDP remains a burden on the country's economy.

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