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Economy

Eurogroup: The Way Is Opening for Greece’s Exit from Enhanced Surveillance

BRUSSELS – The Eurogroup, which is meeting on Thursday in Luxembourg, is expected to welcome the very positive 14th enhanced surveillance report on Greece and to approve of the penultimate installment of financial assistance, amounting to 748 million euros, for the relief of the country’s public debt.

According to a European official, at the end of August Greece is also expected to exit the status of close macroeconomic supervision imposed on it in August 2018. “Greece has come an incredibly long way over the last 12 years and is now on a sustainable path. This is the result of many years of effort and determination and is worth acknowledging,” the official said.

The same official said that, towards the end of the summer, the Commission is expected to say that there is no reason to extend the enhanced surveillance regime for Greece and to announce its end in August.

“This is an important moment, although the end of enhanced surveillance does not mean that the work is fully completed,” the official said, adding that the Greek authorities have pledged to continue pursuing a stable and prudent fiscal policy and reform efforts, while also making a commitment to implement the remaining outstanding reforms in the second half of the year. The same official explained that Greece’s political commitments will be monitored in the context of regular post-programme monitoring and in the context of the European semester.

Regarding the final installment, the European official said that it will be evaluated in the context of the first post-programme report in November.

“I expect the Eurogroup to be very supportive of the disbursement of the installments related to the debt relief measures and the normal supervision of Greece”, he added and noted that this will be reflected in a Eurogroup statement.

(ANA-MPA/M. Aroni)

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