The ESM Board on Lessons from Financial Assistance to Greece

ATHENS — The lessons from the economic crisis of Greece showed that the financial aid programs were beneficial in "providing indispensable financial support to Greece following its loss of market access, and in preserving the integrity of the euro area," despite the "considerable economic and social costs" to the country, the European Stability Mechanism (ESM) board of governors said on Thursday.

Discussing an evaluation report on Greece by Joaquin Almunia, ESM's board said that "the absence of the financial assistance would have resulted in a substantially costlier outcome both for Greece and the euro area, with unforeseeable negative effects."

The board also said that "the financial assistance provided to Greece by the EFSF and ESM helped preserve euro area integrity, stabilise Greek public finances, and strengthen the institutional framework in Greece," while they did underline the importance of social impact and long-term growth as well. They added that "the Greek economy’s resilience to shocks improved following the exit from the ESM programme," that Greece left the financial assistance programs "with a stronger economy building on the fiscal and structural reforms implemented," and recommended that the reform process continue for a sustainable growth path with higher employment and job creation.


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Mission…to Alonnisos, a TNH Documentary

O oceanic you sing and sail White on your body and yellow on your chimeneas For you're tired of the filthy waters of the harbors You who loved the distant Sporades You who lifted the tallest flags You who sail clear through the most dangerous caves Hail to you who let yourself be charmed by the sirens Hail to you for never having been afraid of the Symplegades (Andreas Empeirikos)   What traveler has not been fascinated by the Greek islands, drawn by the Sirens’ song of a traveler’s dreams? TNH and our video show ‘Mission’ marked the change of the season by transporting viewers into the heart of summer.

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