Commission: No More Enhanced Surveillance Status for Greece

As previously announced, Greece exits enhanced surveillance status on August 20 in addition to repaying bailout loans to the IMF (International Monetary Fund) two years ahead of schedule.

Greek Finance Minister Christos Staikouras announced the news on Wednesday, adding that it brings Greece to “a new chapter” allowing it more freedom to implement economic policy and closer to achieving “investment grade” status.

“August 20th marks the achievement of a major national goal for Greece, the end of the EU’s enhanced surveillance framework, thanks to the sacrifices of the Greek people, the prudent economic & reform-oriented policy consistently implemented by the government,” said Staikouras via his twitter account.

Greece entered “enhanced surveillance” in 2018 after three bailouts from 2010 to 2015 by the EU and the IMF valued at over 260 billion euros.

Since then, the country’s economic policy and reform progress have been monitored.

Greek Finance Minister Christos Staikouras.

“After 12 years… a difficult chapter for our country comes to a close,” said Staikouras, adding that “Greece returns to a European normality and will no longer be an exception in the euro zone.”

EU Commission Vice President Valdis Dombrovskis and Economy Commissioner Paolo Gentiloni confirmed in a letter to Staikouras that Athens had delivered on the pledged policy commitments and reforms.

As of August 21, Greece will be subject to assessment every six months until it repays 75 percent of its loans.

Since exiting the bailouts in 2018, Greece has relied solely on the markets for its financing needs.

In interviews to Greek media, Staikouras said this week that he was expecting summer tourism revenues to boost state coffers. He added that travel receipts had already recouped 88 percent of 2019 levels and were expected to exceed 2019 levels.