Greece will leave the EU financial control system
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Greek Finance Minister Christos Staikouras announced the country’s intention to withdraw from the European Union’s external financial oversight system on August 20, transmits Reuters agency.
According to the head of the Greek Ministry of Finance, this decision was approved by the Deputy Head of the European Commission Valdis Dombrovskis and the European Commissioner for Economic Affairs Paolo Gentiloni.
“After 12 years… a difficult chapter for our country is coming to an end. Greece is returning to European standards, it will no longer be an exception in the eurozone,” said Mr. Staikouras.
According to the minister, leaving the system of external financial supervision will give the country more freedom to conduct economic policy. It will also increase its investment attractiveness.
Mr. Staikouras specified that the exit from the EU supervision became possible after the implementation by Athens of most of the promised political commitments and reforms.
It should be noted that the first European program of financial support for Greece, providing for a loan totaling €110 billion, was adopted in 2010. A year earlier, the Greek economy was on the verge of default. The country’s budget deficit reached almost 13% of GDP, and the public debt exceeded €300 billion (115% of GDP).
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