Athens: The end of the European Union's increased economic surveillance of Greece is a historic day, according to Greek Prime Minister Kyriakos Mitsotakis, who also promised the people a prosperous future. "For Greece and its citizens, August 20, 2022, will go down in history as the day that our nation formally leaves the expanded European surveillance. The 12-year cycle that caused suffering for the populace, economic stagnation, and social division is coming to an end. Now, a new, clear horizon of development, harmony, and prosperity for all "During a televised speech, Mitsotakis said.
He continued, "Greece won't be required to sign memorandums with creditors, which means there won't be intolerable taxes, wage and pension cuts, control of banks, a decline in the quality of the national defence, public education and health care, and the marginalisation of the country's position in Europe and the world." Thankfully, all of this is now in the past, Mitsotakis said, adding that the country must learn from the experience.
The enhanced surveillance of Greece will end on August 20. The European Commission informed the Greek authorities of this decision in June. In exchange for implementing a programme of strict budget discipline, Greece has been receiving loans from financial assistance programmes since 2010. Greece completed its third macrofinancial assistance programme in August 2018 and moved past an external administration of foreign loan providers. To determine whether Greece is fulfilling its obligations, the creditors have increased their scrutiny of the country's financial system and economy.
Four times a year, the European Commission sent representatives to the nation to prepare reports for the Eurogroup, the Greek and European parliaments, and the EU. The nation will transition to a straightforward post-program monitoring system on August 21. Under this system, an evaluation of the economy will be done every six months.
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