Sign up now for FREE unlimited access to Reuters.com Register ATHENS, Aug 20 (Reuters) – Greece’s exit on Saturday from the European Union’s so-called enhanced surveillance framework for its economy ends 12 years of pain and allows the country greater policymaking freedom, its prime minister said. Greece’s economic performance and policies have been closely watched in the framework since 2018 to ensure it has implemented the reforms promised under three international bailouts – totaling more than 260 billion euros ($261 billion) – from the European Union and the IMF between 2010 and 2015. EU officials had confirmed Saturday’s withdrawal earlier this month, saying Athens had kept most of its commitments. read more Sign up now for FREE unlimited access to Reuters.com Register “A cycle of 12 years that brought pain to the citizens is now closing,” says Kyriakos Mitsotakis in a statement. “Exiting the framework of enhanced supervision means greater national freedom in our economic choices.” Greece has been hit with waves of pension cuts, spending curbs, tax hikes and bank controls since it was forced to seek its first bailout in 2010. The economy shrank by 25% during the bailouts. Since exiting them in 2018, the country has relied solely on the markets for its financing needs. The supervisory framework was intended to ensure the continued adoption of measures to address potential sources of economic distress and structural reforms to support sustainable economic growth. Greece’s exit from enhanced surveillance will also bring the country closer to its goal of regaining “investment grade” credit, Mitsotakis said. ($1 = 0.9966 euros) Sign up now for FREE unlimited access to Reuters.com Register Reporting by Lefteris Papadimas Editing by George Georgiopoulos and Mark Potter Our Standards: The Thomson Reuters Trust Principles.
