Greece after 12 years out of the increased control of creditors
[ad_1]
Enhanced economic control of creditors over the Greek economy ended on August 20, the Twitter European Commission President Ursula von der Leyen.
“Thanks to the determination and resilience of Greece and its people, the country can close this chapter and face the future with confidence. The EU will always support you,” she wrote.
Greece has been under heavy surveillance by creditors since the 2010 debt crisis. During this time, the Greek economy shrank by 25%. The country received a total of almost 300 billion euros from the eurozone and the IMF from 2010 to 2018.
Due to austerity policies, the country’s GDP has fallen by a quarter, while the unemployment rate remains around 20%. Despite the completion of financial assistance, Greece had until 2022 to fulfill its obligations to international creditors. In exchange for reducing the debt burden, the country’s authorities had to maintain the primary budget surplus at 3.5%.
[ad_2]
Source link
