On Monday Greece successfully completed its third and final bailout programme to end a debt crisis that nearly resulted in it leaving the single currency at the height of the catastrophe.Greece for eight-year in fiscal crisis is finally over as its third and last bailout program ends Monday, but few Greeks see cause for celebration.
Greece after three years, the government finally repaid a $71 billion emergency bailout loan Monday, a move that puts the nation back on normal economic footing.
EU has welcomed Monday’s end to Greece’s bailout program, saying it hopes it will be the beginning of a new era for the debt-laden eurozone member state. EU Financial Affairs Commissioner Pierre Moscovici said that for the 19-nation eurozone it also “draws a symbolic line under an existential crisis” that saw Greece get close to being kicked out of the group, AP reports. The crisis came to a breaking point in the summer of 2015, when Greece had to accept more austerity measures to get another bailout package. Overall, Greece has gotten some €290 billion ($330 billion) in loans over the past years, including €256 billion ($292 billion) from its European partners.
Greek prime minister headed to island of Ithaca on Tuesday in a gesture laden with classical symbolism as the country emerged from nine years of crisis and international financial bailouts. “Ithaca will once again be identified with the end of a modern-day Odyssey [that was] very difficult for the Greek people,” Alexis Tsipras said after arriving on the island.
The country had good reason to expect better days ahead after formally exiting its last financial bailout. “The bailouts of recession, austerity, recession and social desertification are finally over,” Tsipras said. The €288 billion ($330 billion) Greece has borrowed is the largest bailout in history, saddling the country with debt the equivalent of 180 percent of its annual economic output. In the coming years, Greece will have to maintain primary budget surpluses – excluding debt repayments – and further cuts in pensions may be made in 2019,