Greece exits final bailout successfully: ESM

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Greece has successfully exited its final, three-year bailout program, agreed in August 2015 to help it cope with the continued fallout from a debt crisis, the euro zone’s rescue fund- European Stability Mechanism (ESM) said on Monday.

“Today we can safely conclude the ESM program with no more follow-up rescue programs as, for the first time since early 2010, Greece can stand on its own feet,” Mario Centeno, the chairman of the ESM’s board of governors, said in a statement.

EU currency/ VCG Photo

“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,” he said.

The ESM has disbursed 61.9 billion euros (70.6 billion US dollars) over three years in support of macroeconomic adjustment and bank recapitalization.

A further 24.1 billion euros that was available to Athens under the program was not needed, the fund said.

Greece was expected to make further economic progress and undertake social reforms after the exit, Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, expressed on Monday.

“In future, Greece will be able to define its own economic policies,” Moscovici said in an interview with French radio station France Inter.

Source(s): Reuters