Greece has announced that it has exited the European Union’s enhanced surveillance framework. Country’s Prime Minister Kyriakos Mitsotakis made this announcement yesterday. In a statement, Mr. Mitsotakis said, it ends 12 years of pain and allows the country greater freedom in policymaking. EU officials had confirmed yesterday’s exit earlier this month, saying Athens had delivered on the bulk of its commitments.
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.
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