World Economy

Long Road to Greek Recovery

Long Road to Greek RecoveryLong Road to Greek Recovery

On Monday, Greece exits the third and final bailout program of a nine-year debt crisis that has chopped around a quarter off the country’s economy. Greece will now be able to borrow money again on international markets, another important step on its long journey toward economic recovery, DW reported. The bailout programs from 2010-2018 came alongside major austerity drives, and Greek’s national trauma of the last decade has been all too palpable for citizens of the country. Since the crisis exploded fully in 2010, four different governments have battled to keep the country going via the biggest bailout in economic history: loans of more than €260 billion ($296 billion) lent by EU countries and the IMF. Meanwhile, Eurogroup President Mario Centeno told Ta Nea newspaper’s weekend edition that any changes in reforms that are being implemented in Greece as part of its adjustment program and any future reforms to be implemented after the program’s completion will have to be agreed with its creditors.

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