September 29, 2022

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Greece gets increased economic freedom - E24

Greece gets increased economic freedom – E24

The EU’s close monitoring of Greece’s economy ended after 12 years. Strict oversight was a defining condition for large-scale aid to the financial crisis.

A shop employee in Athens sipping his coffee on Friday. The European Union will no longer monitor the country’s economy, as it did twelve years ago. Timely monitoring was carried out as a prerequisite for large-scale financial crisis assistance.
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In November 2009, a sharp increase in the budget deficit led to a major economic crisis in Greece, a crisis that had ripple effects throughout the eurozone. The acquisition took more than a decade.

The trio of the International Monetary Fund (IMF), the European Union and the European Central Bank (ECB) provided Greece with €289 billion in crisis assistance, but demanded a series of painful reforms. Government spending had to be reduced, and with that came cuts in the level of wages in the public sector, taxes had to be increased and many public enterprises had to be privatized.

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The Greek crisis is over

The economy has shrunk by more than a quarter, unemployment has risen to nearly 28 percent and many highly qualified people have chosen to leave the country.

Now, however, the Greek economy is experiencing new growth. The European Commission expects growth of 4 percent this year, well above the expected level in the eurozone of 2.6 percent.

So far, Greece’s finances have been checked every three months until the country receives debt relief payments. From Saturday, it is no longer necessary, and the Greek authorities will have greater financial freedom.