ATHENS (Pakistan Point News / Sputnik - 20th August, 2022) Greek Prime Minister Kyriakos Mitsotakis said on Saturday that the end of the European Union's enhanced economic surveillance of Greece is a historic day and promised the citizens a prosperous future.
"August 20, 2022 is a historic day for Greece and its citizens: in the most official way, our country withdraws from the enhanced European surveillance. The 12-year cycle that brought suffering to the citizens, stagnation in the economy and division in society is coming to an end. Now there is a new, clear horizon of growth, unity and prosperity for all," Mitsotakis said in a televised address.
Greece will no longer have to sign memorandums with creditors, which means that there will no longer be unbearable taxes, wages' and pensions' cuts, control of banks, decline in the level of national defense, public education and health care, the marginalization of the country's position in Europe and the world, he added.
"All of this is now in the past thankfully," Mitsotakis said, adding, however, that the nation must draw conclusions from the experience.
"Greece today is a completely different Greece. It shows high growth and a substantial reduction of unemployment rate, which are already down 3 points from last year and 5 points from 2019. While, at the same time, its citizens have now been exempt from many taxes imposed in the difficult years. The minimum wage in the country has been increased by 63 Euros ($63.2). The most vulnerable people are receiving governmental support," he said.
In June, the European Commission informed the Greek authorities about its decision not to prolong the enhanced surveillance of the country once it expires on August 20.
Since 2010, Greece has been receiving loans under financial assistance programs in exchange for implementing a program of strict budget discipline. In August 2018, Greece finished its third program on macrofinancial assistance and got beyond of an external administration of foreign loan suppliers. However, the creditors intensified the monitoring of Greek economy and the financial sector to define whether the country complies with its obligations.
Representatives of the European Commission visited the country four times per years and prepared reports for the European and Greek parliaments, as well as for the Eurogroup. Starting from August 21, the country will switch to a simple post-program monitoring system, under which an assessment of the economy will be carried out every six months.
