AFTER three years, Greece has finally completed a bailout programme imposed on the country by the eurozone, that was implemented to move the country out of its debt crisis and to help ease the impacts of the dire economic situation.
Greece was given £55 billion over the period by the European Stability Mechanism (ESM).
The ESM was set up by countries that use the euro as their currency and was aimed at creating a fund to deal with the financial crisis.
This meant the Greek government could begin to implement its plan to transform the economy and help the country’s banks.
Greece was the recipient of the biggest bailout in global financial history due to the ESM plan, alongside assistance from the International Monetary Fund.
In order to receive the loans, the Greek government had to implement a series of unpopular austerity measures.
There has been some small growth in the Greek economy.
But the economy is still 25 percent smaller than when the crisis began.
Greece could have received a further $27 billion (£21billion), but it did not require the extra amount.
ESM chairman Mario Centeno said: “Greece can stand on its own two feet.”
He added “there would be no more follow-up rescue programmes”, which is the first time this has happened in eight years.
He also showed his appreciation to the Greek people, thanking them for their co-operation.
Even though Greece has completed the bailout plan from the ESM, it will be subject to increased surveillance from the European Commission to ensure the country does not go back on the agreed reforms.
Professor Kevin Featherstone of the London School of Economics said: “By enduring this period of austerity we have avoided a Grexit.
“It’s certainly the case that the third bailout of 2015 imposed terms which were very, very demanding and very painful indeed.”
Despite the EU’s tough demands, Greece has successfully completed the plan which demonstrates the durability and robustness of the country.
