By Yiannis Papageorgiou*
“Today marks the end of enhanced surveillance for Greece. Thanks to the determination and strength of Greece and Greeks, the country is now closing this chapter and looking to the future with optimism. “The European Union always at your side”, the president of the European Commission, Ursula von der Leyen, greeted with a post on Twitter.
Greece is moving into a stage of simple monitoring, like that applied in Cyprus, Spain, Portugal and Ireland. In other words, Greece ceases to be the “weak link” and is definitively removed from the black list of the economically weak that remained for years due to enhanced supervision.
By returning to conditions of economic normality, Greece is moving into a new era of autonomous choices for its development and the well-being of its citizens, as typically stated by Prime Minister Kyriakos Mitsotakis. With the 14 post-memorandum evaluations carried out from August 2018 to August 2022, the country demonstrated its firm commitment to reforms and, combined with the early repayment of loans from the IMF and the lifting of capital restrictions, finally closed a painful chapter for the Greece and its citizens.
The country will be monitored every six months by both EU economic staffs and international markets. That is why the next national economic goal for the Government is the upgrading of the Greek economy by the rating agencies to the investment grade BBB in 2023.
A historic day for Greece, August 21st, which proves the dynamics that the Greek economy has acquired and which will allow the expansion of the economic possibilities of the Government to exercise a milder fiscal policy, always within the European rules, so that there is unity and prosperity for all.
* Yiannis Papageorgiou is an Economist Msc, business consultant.