On Saturday, the European Union’s financial guardianship of Greece expired, after Athens left the enhanced supervision framework, which as part of which it recently received quarterly EU inspectors. euronews. “The past three years are practically a response to the lessons of the past 12 years. Our experiences point the way to never going back to what we lived and shaping our sense of self. They encourage us to move forward as one, armed with truth and pragmatic methods, not lies and easy solutions. On a path that might involve Mistakes, but it’s certainly not a bad track,” assessed Greek Prime Minister Kyriakos Mitsotakis.
The EU delegation regularly checked the progress in the implementation of the structural reforms carried out by the Greek government and, if possible, tried to identify potential risks in a timely manner. Since the Greek government has fulfilled most of its obligations, regular monitoring is no longer necessary.
Thus, Athens can formulate its economic policy more freely. The Greek economy was in crisis for most of 2010, the EU framework was introduced to make recovery permanent. Incidentally, Greece got into trouble primarily because before the 2008 crisis broke out, its public debt-to-GDP ratio was well above 100%, mainly for foreign investors. The euro was also introduced based on fake statistics. All this, after the release of the credit crunch caused by the collapse of US mortgage bonds, threatened the Greek economy with bankruptcy. This would drag the Euro lower as well, which is why Greece received so many rescue packages from the European Union, which in return the Mediterranean country was expected to show discipline and toughness in the German budget.
