Greece exits EU’s ‘enhanced surveillance’ framework

Greece exits EU’s ‘enhanced surveillance’ framework

Greece has announced that it has exited the European Union’s enhanced surveillance framework. The Prime Minister of Greece is Kyriakos Mitsotakis.

Greece was hit with waves of pension cuts, spending constraint, tax increases and bank controls after it was forced to seek its first bailout in 2010. The economy shrank 25 per cent during the bailouts.

Greek economic developments and policy have been monitored under the framework since 2018, after Athens exited three international bailouts, totaling more than 260 billion euros, from the European Union and the IMF between 2010 and 2015.

Since exiting them in 2018, the country has relied solely on the markets for its financing needs.

The surveillance framework was intended to ensure the continued adoption of measures to tackle potential sources of economic difficulty and structural reforms to support sustainable economic growth.

Greece’s emergence from the enhanced surveillance will also bring closer the country’s goal of regaining an “investment grade” credit rating, Mitsotakis said.