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Greece remains under tight monitoring for decades after the end of the rescue program

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Greece remains under tight monitoring for decades after the end of the rescue program. Over time it has become increasingly clear that the end of the Greek rescue program does not mean an end to the conditions imposed by the creditors and Athens will remain in a supervisory regime after its expiry.

On August 20, Greek Prime Minister Alexis Tsipras wants to get free from the monitoring of the EC, but the country probably will remain under strict surveillance for decades ahead.

According to unofficial information, the creditors’ checks will continue until 2050 at the earliest, while economists are not excluding creditors from imposing other conditions on Greece in case Tsipras received relief from the Greek debt. This issue will be debated at the next Eurogroup meeting on June 21st.

The IMF wants to alleviate the Greek debt to make it sustainable. European Stability Mechanism Chairman Klaus Regling has said that the relief of this debt will be accompanied by additional checks and that these checks will be even tougher. The Eurogroup did not decide last night to allocate the last tranche of financial aid to Greece and to withdraw the country from the EU macro-financial assistance program in August this year.

This was announced by the Eurogroup President Mario Centeno at a press conference, saying all decisions were postponed until the next Eurogroup meeting in Luxembourg in June.

“The successful exit of Greece from the macro-financial assistance program remains for us the main acceptance, we will take all the necessary decisions at our next meeting in Luxembourg in June”, said Mario Centeno.

At the meeting last night, the finance ministers of the European Union insisted that the Greek government should complete the reform measures it requested before the Eurogroup meeting on June 21st, as the measures in question are a condition for reaching an agreement to alleviate the Greek debt.