Daily Management Review

Eurozone’s finance ministers will continue to monitor Greece’s economy post bailout programme


09/23/2017


With eurozone’s economic bailout package ending in August 2018, finance ministers from the group opine that post bailout Greece will need to be fully prepared before it can enter the market financing.



On Saturday, as per the head of the group of euro zone finance ministers, Greece will continue to remain under its supervision even after it exits its 86 billion euro bailout package in 2018.

This is the third time a bailout package saved Greece from financial ruin.

Athens however aims to return to market financing by next year.

“In all cases we have applied supervision after the completion of support programs, as happened in Ireland, Spain, Cyprus,” said Jeroen Dijsselbloem. the head of the group of euro zone finance ministers, to Ta Nea newspaper.

“We will have a supervision program for Greece as well, especially when there are outstanding loans with long maturities”.

Dijsselbloem is likely to be in Athens on Monday and will visit Greek officials, including Euclid Tsakalotos, Greek’s Finance Minister.

Earlier Tsakalotos had said he does not expect Greece to need a precautionary credit line from its creditors when it exits its bailout next year.

“The common goal of the Greek government and its European partners must be that August 2018 will be the end of the (bailout) program. We must ensure that Greece will be fully prepared,” said Dijsselbloem to Ta Nea newspaper.

He went on to add, Greece’s economy is faring far better than expected after experiencing a deep, multi-year recession; he also expects the continuation of financial reforms for the remainder of the bailout program and even after August 2018.

“The chronic and structural problems were among the crucial factors that led Greece to the crisis,” said Dijsselbloem.


 


 


 

Source:

https://www.reuters.com








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