August 12
2020
Anjum Shabbir
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30th July 2020
Banking & Finance

Commission extends post-programme framework for Greece

The European Commission has decided to extend the enhanced economic and budgetary surveillance framework for Greece based on its financial stability, by six months, as provided for under Regulation No 472/2013, as ‘a normal and expected procedural step’, and on which Greece has been consulted.

The post-programme surveillance framework allows for a close monitoring of the economic, fiscal and financial situation and its evolution in Greece. Its activation was considered appropriate due to the protracted nature of the crisis Greece has faced, the country’s debt position, the need for continued structural reform implementation to engender a sustainable economic recovery, and remaining vulnerabilities.

The extension is stated as enabling the Commission to continue to support Greece’s efforts to complete the delivery and implementation of reform commitments taken vis-à-vis the Eurogroup, following the successful completion of the third stability support programme.

The next enhanced surveillance report will be published in September. Read the sixth enhanced surveillance report of 20 May 2020 on Greece monitoring the commitments made by the Greek government at the Eurogroup of 22 June 2018 here.

Access the Commission’s press release here, and for more information on the enhanced surveillance framework for Greece click here.

 

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