Greece to exit EU's 'enhanced surveillance' framework after 12 years




  • In Business
  • 2022-08-10 07:58:04Z
  • By Reuters
 

ATHENS (Reuters) - Greece will exit the European Union's so-called enhanced surveillance framework on August 20, its finance minister said on Wednesday, a move that will allow the country greater freedom in making economic policy.

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

"After 12 years ... a difficult chapter for our country comes to a close," said the minister, Christos Staikouras. "Greece returns to a European normality and will no longer be an exception in the euro zone."

Athens has delivered on the bulk of policy commitments and reforms it promised and its Aug 20 exit from the framework was confirmed by a letter from EU Commission Vice President Valdis Dombrovskis and Economy Commissioner Paolo Gentiloni, he added.

Greece's emergence from enhanced surveillance will mean more degrees of freedom in implementing economic policy and will bring closer the country's goal to regain the "investment grade" status, Staikouras said.

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

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

(Reporting by George Georgiopoulos; Editing by Clarence Fernandez)

COMMENTS

More Related News

New Zealand finance minister sees inflation easing but no quick drop
New Zealand finance minister sees inflation easing but no quick drop

New Zealand's finance minister Grant Robertson said on Tuesday that inflation is likely to moderate but it won't be a quick drop back to the levels that...

Greece: EU using Med countries like a refugee
Greece: EU using Med countries like a refugee 'parking lot'
  • US
  • 2022-09-26 17:59:22Z

Greece on Monday urged the European Union to lift movement restrictions for refugees recognized by individual nations, accusing the bloc of applying a double standard when dealing with Ukrainians fleeing the war compared with the victims of other conflicts. Notis Mitarachi, Greece's migration affairs minister, said a "lack of solidarity" was holding up efforts to comprehensively reform migration rules across the 27-nation bloc. Refugees granted international protection by EU nations currently cannot take full advantage of the bloc's provisions for free movement.

Italy shifts to the right as voters reward Meloni
Italy shifts to the right as voters reward Meloni's party
  • World
  • 2022-09-26 08:42:40Z

A party with neo-fascist roots, the Brothers of Italy, won the most votes in Italy's national elections, looking set to deliver the country's first far-right...

Meloni
Meloni's Right-Wing Bloc Set for Big Win in Italian Election
  • World
  • 2022-09-25 23:17:26Z

(Bloomberg) -- Giorgia Meloni is on track to lead Italy's most right-wing government since World War II after early results signaled a clear victory for her ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business