Greece completes its 3-year economic rescue program after the debt crisis

It is reported that Greece has successfully completed its 3-year rescue program suggested by the Eurozone after the debt crisis. With the completion of the program, Greece is now able to borrow from international financial markets for the first time in eight years. Just to recall, the Greek government had put in place a series of austerity policies in return for the rescue package.

With the support of the International Monetary Fund (IMF), more than 260 billion euros were granted to Greece in 2010. This figure was recorded as the biggest rescue package in global financial history. Under the agreement signed with the European Stability Mechanism (ESM) in 2015, 61.9 billion euros were given to the Greek government for the reform of the economy and the restructuring of the capital structures of the banks.

ESM President Mario Centeno said, “Greece can stand on its own feet.” Centeno thanked the Greek people for their cooperation, saying that Athens does not need another rescue package.

Although the country’s economy has grown in recent years, it has shrunk by 25 percent compared to the pre-crisis period.

The European Commission will continue to monitor whether Greece, which has now control of its economy, implements the reforms it has agreed to in return for loans provided.

Experts say Greece has contributed to the future of EUROZONE by agreeing to comply with the requirements of concerned rescue program. They also comment that the third rescue package put into practice in 2015 was absolutely demanding and tiring. Greece is praised for “protecting the functioning of society and democracy in a political system that has been applying austerity policies for years”. Opinion leaders say this is a sign of resistance displayed as a modern state.