Greeks see little joy as eight-year bailout era ends

ATHENS: Greece turned a page on eight years of spending cuts and three straight international bailouts on Monday as experts warned that the country’s economic challenges are far from over.

“The conclusion of the stability support programme marks an important moment for Greece and Europe,” said European Commission President JeanClaude Juncker.

The EU, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of €289 billion in three successive programmes in 2010, 2012 and 2015.

The economic reforms the creditors demanded in return brought the country to its knees, with a quarter of its gross domestic product evaporating over eight years and unemployment soaring to more than 27%.

But Greece has now returned to growth, its once vast public deficit has been turned into a solid budget surplus -- before interest payments are made -- and the jobless rate has fallen below 20%, officials say.

Greek households, however, continue to feel the effects of unpopular and damaging austerity. “Greece has many rivers to cross,” read Monday’s front page of the English edition of the Kathimerini newspaper.

It warned the country emerges from the bailout “with a shrunken economy and highly vulnerable to market turmoil”.

Athens estimates its financing needs are now covered until the end of 2022, opening up room for it to plan for the future.