Greece’s bailout exit widely hailed

Athens – European institutions hailed Greece’s exit from its final bailout yesterday, expecting the debt-burdened eurozone member to stand on its own feet after nine years of financial nursing.

But the mood in Athens was subdued as many problems remain. Emerging from its third bailout since 2010, Athens will rely on bond markets to refinance its debt, officially leaving behind a crisis that shrank its economy by a quarter and forced it to implement painful austerity.

Since early 2010, Greece has relied on the biggest bailout in economic history, more than €260 billion (about R4.1 trillion) lent by its eurozone partners and the International Monetary Fund.

The European Stability Mechanism (ESM), the eurozone’s bailout fund, expressed confidence that Athens could manage without an international financial safety net.

“Today, we can safely conclude the ESM programme with no more follow-up rescue programmes as, for the first time since early 2010, Greece can stand on its own feet,” Mario Centeno, the chairman of the ESM’s board of governors, said in a statement.

ESM chief Klaus Regling said Greece could be a success story, just like Portugal, Spain, Ireland and Cyprus.