Tuesday 11 December 2018

Greece exits final bailout successfully – ESM

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Stock photo
Independent.ie Business Desk

Independent.ie Business Desk

Greece has successfully exited its final, three-year bailout programme, agreed in August 2015 to help it cope with the continued fallout from a debt crisis, the euro zone's European Stability Mechanism rescue fund said on Monday.

"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.

"This was possible thanks to the extraordinary effort of the Greek people, the good cooperation with the current Greek government and the support of European partners through loans and debt relief," he said.

The ESM has disbursed €61.9bn over three years in support of macroeconomic adjustment and bank recapitalisation.

A further €24.1bn that was available to Athens under the programme was not needed, the fund said.

Reuters

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