Greece renounces membership in the External Financial Oversight mechanism of the European Union

According to the Greek prime minister, the nation’s exit from the so-called European Union’s system of increased economic monitoring put an end to 12 years of suffering and given it more political freedom.

To guarantee that changes pledged under three foreign financial assistance programs totaling more than €260 billion from the European Union and the IMF between 2010 and 2015 are carried out, Greece’s economic performance and policies have been intensively watched within this framework since 2018.

The objective of Greece to regain its “investment grade” credit rating will also be advanced by its departure from the increased scrutiny, according to Mitsotakis.

Since being obliged to request bailouts in 2010, Greece has been slammed by a wave of pension cuts, budget cuts, tax increases, and financial regulations.

The supervision mechanism was created to make sure that ongoing efforts were made to address possible economic distress causes and structural improvements that would promote long-term economic growth.