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Greece: crisis, EU bailout program over

Brussels, from today a new chapter

20 August, 14:34
(ANSA) - TRIESTE, 20 AGO - Today Greece exited from the third and last EU financial bailout program. Since 2010, the country has received some 290 billion euros in loans, including 256 billion euros from its European partners and around 32 from the International Monetary Fund. The last assistance program was launched three years ago and included the disbursement of 61.9 billion euro, in exchange of serious reforms. EU Financial Affairs Commissioner Pierre Moscovici said that for Greece exit from the bailout program "draws a symbolic line under an existential crisis" that saw Greece get close to being kicked out of the Eurozone.

"The conclusion of the stability support programme marks an important moment for Greece and Europe", the president of the European Commission Jean-Claude Juncker said, adding that for Greeks begins "a new chapter in their storied history." The citizens of Greece "will always find in me an ally, a partner and a friend," Juncker added.

The reforms, the Commission said, "have laid the foundations for a sustainable recovery, putting in place the fundamental conditions needed for sustained growth, job creation and sound public finances in the years to come." According to EU data, economic growth in Greece has rebounded from -5.5% in 2010 to 1.4% in 2017 and is expected to remain around 2% until 2019. The fiscal balance has progressed from a deficit of 15.1% in 2009 to a 0.8% surplus in 2017. Unemployment remains high, at 19.5% in May 2018, reaching a level below 20% for the first time since 2011. (ANSA).

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