Greek Prime Minister Kyriakos Mitsotakis today welcomed the end of the EU Commission’s enhanced surveillance of his country’s finances after nearly twelve years. August 20, 2022 is a “historic day for Greece and all Greeks,” Mitsotakis said on state TV. In addition to the finance ministers of the euro countries, the responsible EU commissioner, Paolo Gentiloni, had approved the release of the Management Board from 20 August in recent days.
The EU Commission also commended the efforts of the Greek people and their governments. “Greece ends today a difficult chapter in its long and proud history,” said Gentiloni. Greece’s performance is all the more commendable because it was shaped by two major external shocks, the coronavirus pandemic and Russia’s invasion of Ukraine. Eurogroup President Paschal Donohoe said on Twitter that the lifting of controls was “a great achievement for the Greek government and the Greek people”.
open construction sites
Mitsotakis said that even without the controls, the mistakes that led to Greece’s severe financial crisis in recent years must by no means be repeated. There will be salary increases and tax cuts, but that shouldn’t detract from efforts to balance finances.
Greece experienced a severe financial crisis from 2010 onwards and, as a result, had to implement harsh austerity measures under pressure from its creditors. The Greeks lost about 25% of their income. As of 2018, Athens is financially on its own. But twelve years of austerity policies have left their mark – and new crises are hitting a fragile system full of open-air construction sites.
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