EU to cease Greek budget surveillance, marking end of debt crisis

Economy 15:20 11.08.2022

The European Commission announced on Wednesday that it is ceasing its surveillance of the Greek government's budget.

The move marks an end to Greece's debt crisis, which started in 2010 and at one point threatened to have Greece ejected from the eurozone.

End of a 'difficult chapter' for Greece 

The Commission said that Greece had "delivered on the bulk of the policy commitments," allowing it to end "enhanced surveillance" of the country's budget on August 20. 

"As a result of Greece's efforts, the resilience of the Greek economy has substantially improved and the risks of spill-over effects on the euro area economy have diminished significantly," the Commission said. 

"Maintaining Greece under enhanced surveillance is no longer justified," it added. 

The Commission report concluded that Greece has taken the steps necessary to achieve the commitments it had made to EU partners, in spite of "challenging circumstances triggered by the economic implications of new waves of the pandemic as well as of Russia's military aggression against Ukraine." 

"With this development, along with the premature repayment of the International Monetary Fund loans and the lifting of capital restrictions, a difficult chapter for our nation ends after 12 years," said Greek Finance Minister Christos Staikouras

"Greece is returning to European normality and stops being an exception in the eurozone,'' Staikouras added.

What was the Greek debt crisis?

In 2010, Athens lost access to international bond markets after it admitted it had misreported financial data, and the country's debt rose to about 180% of GDP.

Greece was then granted billions of euros in three successive bailouts. The third bailout formally ended in 2018.

European creditors demanded that Athens implement austerity policies in exchange for the bailouts, including tax hikes and cuts to pensions, leading to a substantial rise in unemployment and poverty. The austerity policies, which had been heavily advocated by Germany, led to friction between Athens and Berlin.

In 2015, former Prime Minister Alexis Tsipras held a referendum on whether Greece should accept the terms imposed on it by creditors and stay within the eurozone. Although the "no" vote prevailed in the referendum, Tsipras' government proceeded to impose the terms.

Although Greece has returned to international bond markets, its credit rating remains below investment grade. The Greek government has said that it hopes to regain investment grade by next year.

IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

Members of the Public Council under ANAMA have visited the region
16:52 08.05.2025
The "Roots of Peace" organization will host the "Peace Walk"
16:49 08.05.2025
"Since 1948 SL Heads of State have ‘relayed’ on the Ethnic conflict"
15:32 08.05.2025
A conference on the topic "Heydar Aliyev-Independence and Glorious Victory" was held in Lachin
12:44 08.05.2025
Azerbaijan showcases tourism opportunities in Israel
12:39 08.05.2025
''Azerbaijan House'' opened in Lebanon
12:33 08.05.2025
Vietnam prioritizes strategic and political cooperation with Azerbaijan
12:27 08.05.2025
Opening of new Baku City Prosecutor's Office building held
12:23 08.05.2025
Azerbaijani and Morocco may organize mutual cultural days
12:15 08.05.2025
Sahiba Gafarova: Heydar Aliyev's personality is symbol of wisdom for every Azerbaijani
12:09 08.05.2025
Milli Majlis to adopt statement on Heydar Aliyev's 102nd birth anniversary
12:03 08.05.2025
Azerbaijan Confederation of Trade Unions organized an event
11:58 08.05.2025
The 102nd anniversary of the birth of National Leader Heydar Aliyev was celebrated in Berlin
11:52 08.05.2025
Azerbaijan's First Lady Mehriban Aliyeva attended session at Antalya Diplomacy Forum
11:43 08.05.2025
Azerbaijan, Vietnam explore prospects for educational cooperation
11:37 08.05.2025
Petrovietnam aims to expand cooperation with Azerbaijan
11:32 08.05.2025
The heads of state of Azerbaijan and Vietnam made statements to the press
11:29 08.05.2025
Kamran Aliyev:' 'Heydar Aliyev had unparalleled role as founder of Azerbaijani statehood''
11:24 08.05.2025
Azerbaijani and Vietnamese discuss strategic partnership
11:21 08.05.2025
Azerbaijan ready for further coordination and cooperation with Syria
11:16 08.05.2025
Scientists have discovered a possible candidate for the ninth planet in the solar system
11:12 08.05.2025
Business Council to be established between Azerbaijan and Vietnam
11:08 08.05.2025
May 8 is World Thalassemia Day
11:03 08.05.2025
Special session of Milli Majlis dedicated to year of Constitution and sovereignty
10:59 08.05.2025
General Secretary of the Central Committee Of Vietnam visited the Alley of Martyrs
10:51 08.05.2025
General Secretary of the Central Committee of Vietnam visits the Old City
10:47 08.05.2025
Azerbaijan's position with China as a reliable partner is strengthening
10:43 08.05.2025
The Aztelekom flag was raised at the Heydar Aliyev Summit
10:39 08.05.2025
President: There are great prospects for cooperation between Azerbaijan and Vietnam in the defense industry
10:34 08.05.2025
Azerbaijani and Iraqi FMs explore regional issues
10:25 08.05.2025
Joint Statement opens new chapter in the history of Vietnam-Azerbaijan relations
10:12 08.05.2025
Leaders of Azerbaijan and Vietnam viewed exhibition of Vietnamese paintings
10:09 08.05.2025
Azerbaijani Foreign Minister meets with Iraqi PM
10:02 08.05.2025
Rebuilding hope amid the landmines Thembisa Fakude writting...
13:45 07.05.2025
How TikTok and Instagram Became New Tools of Diplomacy?
12:44 07.05.2025
Students of one of Turkey's leading universities were informed about the legacy of the great Nizami Ganjavi
12:26 07.05.2025
Azerbaijani energy minister holds several meetings in Türkiye
12:21 07.05.2025
Azerbaijan-Iran bilateral cooperation agenda discussed in Baku
12:18 07.05.2025
Azerbaijan shows progress in banking regulatory reforms
12:17 07.05.2025
About 20 Azerbaijani citizens returned from Germany yesterday
12:13 07.05.2025
Hamısı