Greece received billions of euros in three successive bailouts after 2010, when Athens lost access to international bond markets after admitting it had misreported key financial data.
EU to stop Greek budget watch in formal end to major debt crisis
The European Union’s budget watchdog said on Wednesday that it is winding up years of surveillance of Greek government spending, marking the formal end to a major crisis that threatened to see Greece ejected from the euro single currency group, imposed severe hardship on its citizens, and roiled global financial markets.
The European Commission, which supervises the budgets of the 27 EU member countries, said it will end its “enhanced surveillance” program on Aug. 20, noting that “Greece has delivered on the bulk of the policy commitments” made to its partners in the 19-country euro area.
Greece was granted billions of euros in three successive bailouts after 2010, when Athens lost access to international bond markets after admitting it had misreported key financial data. Greece’s debt ballooned to about 180% of gross domestic product.
Two of the financial bailouts ultimately failed to improve things enough, although creditors in the euro group demanded — and received — deep economic reforms that hammered citizens with austerity policies, including repeated tax hikes and pension cuts. Poverty and unemployment skyrocketed, and at one point about a quarter of the workforce was jobless.