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6/16/17

Greece Economy: A positive agreement for Greece

On 15 June, Greece’s creditors, Eurogroup, acknowledged the achievements of the Greek government on the implementation and outcome of fiscal policy measures.

The release of the next bailout tranche was agreed; more clarity was provided on the debt relief roadmap as well as next steps towards boosting growth.

These developments have delivered a positive signal to the markets and the Greek people, indicating that the Greek economy is steadily exiting the final stages of a longstanding and harrowing financial crisis.

For the first time since 2010, Greece’s creditors have pledged to prioritize a growth-oriented model that entails the participation of the European Investment Bank in medium- and large-scale investment projects, as well as the creation of a Greek Development Bank – a proposal that the Greek government has made since 2015.

The reluctance of the German finance minister, Wolfgang Schaeuble, to accelerate the conclusion of the bailout review was significantly addressed after the Greek government, the European Commission, the French government and the progressive forces in the European institutions pressured the Eurogroup to agree to Greece’s bailout review.

The French played a mediating role for the need to develop growth policies, so that the Greek economy can start warming its engines.

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