Greece ends third and final bailout programme

The European Union has welcomed yesterday’s end to Greece’s bailout programme and says it hopes it is the beginning of an era for the debt-laden eurozone member state.

EU financial affairs commissioner Pierre Moscovici said for the 19-nation eurozone it “draws a symbolic line under an existential crisis” that saw Greece come close to being kicked out of the group.

The crisis came to a breaking point in the summer of 2015 when Greece had to accept more austerity measures to get another bailout package.

Overall Greece has received about 290 billion euros (£260bn) in loans over recent years. But one in five Greeks remains unemployed, with few receiving state benefits and underpaid drudgery the norm in new jobs. The average income has dropped by more than a third.

After the end of the bailout, Greece will get no new loans and will not be asked for new reforms, but the government has agreed to a strict savings timetable.