Eurogroup to permit Greece’s exit from enhanced surveillance status
The political approval of the exit process, which is expected to take place on August 21, marks the official end of the memorandum period for Greece
On Thursday June 16, the Eurogroup is expected to give the “green light” for Greece’s exit from the status of enhanced surveillance and return to “European normalcy.” The political approval of the exit process, which is expected to take place on August 21, marks the official end of the memorandum period for Greece.
This does not mean that the monitoring by the European institutions will stop, since it will continue until 2059, i.e. until the country repays 75% of the loans it received under the memoranda. However, the economy will go through a phase of simple post-programme monitoring, similar to what is followed today in Ireland, Spain, Cyprus and Portugal, while an evaluation of its course will be carried out every six months, instead of every quarter that was the case until today.
The Eurogroup’s approval for Greece’s exit from the status of enhanced surveillance will activate the disbursement of a 748-million-euro installment. At the same time, however, the “road map” of the prerequisites will be finalized, which will have to be implemented in 2 phases, one by August and one by the end of October.
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