ATHENS (Reuters) – Greece has efficiently exited its final, three-year bailout program, agreed in August 2015 to assist it address the continued fallout from a debt disaster, the euro zone’s ESM rescue fund stated on Monday.
FILE PHOTO: Eurogroup President Mario Centeno speaks throughout a panel entitled “Reforming the Euro Area: Views from Inside and Outside of Europe” throughout IMF spring conferences in Washington, U.S., April 19, 2018. REUTERS/Aaron P. Bernstein
“Today we can safely conclude the ESM program with no more follow-up rescue programs as, for the first time since early 2010, Greece can stand on its own feet,” Mario Centeno, the chairman of the ESM’s board of governors, stated in a press release.
“This was possible thanks to the extraordinary effort of the Greek people, the good cooperation with the current Greek government and the support of European partners through loans and debt relief,” he stated.
The ESM has disbursed 61.9 billion euros over three years in assist of macroeconomic adjustment and financial institution recapitalization.
An extra 24.1 billion euros that was accessible to Athens below this system was not wanted, the fund stated.
Reporting by George Georgiopoulos; Editing by Kevin Liffey