Greece Leaves Bailouts Behind After Biting Austerity

After years of tough austerity measures, Greece emerges on Monday from its third and last bailout, although officials warn the country still has a "long way to go".

Athens, (UrduPoint / Pakistan Point News - 20th Aug, 2018 ) :After years of tough austerity measures, Greece emerges on Monday from its third and last bailout, although officials warn the country still has a "long way to go".

The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion Euros ($330 billion) in three successive programmes in 2010, 2012 and 2015.

The economic reforms the creditors demanded in return brought the country to its knees with a quarter of its gross domestic product (GDP) evaporating over eight years and unemployment soaring to more than 27 percent.

But Greece has now returned to growth, its once vast public deficit has been turned into a solid budget surplus, and the jobless rate has fallen below 20 percent, officials say.

"For the first time since early 2010 Greece can stand on its own feet. This was possible thanks to the extraordinary effort of the Greek people, the good cooperation with the current Greek government and the support of European partners through loans and debt relief," said Mario Centeno, board chairman of the European Stability Mechanism (ESM) in a statement.

"It took much longer than expected but I believe we are there," Centeno added.

Greek households, however, continue to feel the effects of unpopular and stinging austerity.