EU To Assess Post-Bailout Program Situation In Greece In September - Commissioner

EU to Assess Post-Bailout Program Situation in Greece in September - Commissioner

The European Commission is launching a monitoring mission to assess the economic situation in Greece now that its program of external financial assistance has ended, for which a special group will be sent to the Greek capital of Athens in September, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Monday.

BRUSSELS (Pakistan Point News / Sputnik - 20th August, 2018) The European Commission is launching a monitoring mission to assess the economic situation in Greece now that its program of external financial assistance has ended, for which a special group will be sent to the Greek capital of Athens in September, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Monday.

On Monday, Greece successfully concluded the three-year financial assistance program of the European Stability Mechanism, having received a total of 61.9 billion Euros ($70.7 billion).

"I can announce today that the first post-program mission to Greece will take place on the week of September 10," Moscovici said at a press briefing.

According to Moscovici, although Greece will be "treated like any other euro area country," the missions will be held four times a year in order to monitor the implementation of reforms that the Greek authorities introduced under the bailout program.

The European Commission, the European Central Bank, and the European Stability Mechanism (ESM) will monitor the economic, fiscal and financial situation in the country. If necessary, the International Monetary Fund will provide its assistance.

Greece has been burdened with a massive debt, and attempting to manage the crisis through austerity measures and loans since 2010. In 2015, the country accepted the third ESM program, under which funds were provided to Greece in exchange for the implementation of tough reform measures, including pension cuts and tax increases.