20 August marks one year since Greece successfully concluded its European Stability Mechanism 3-year programme. Indicators confirmed that the efforts are delivering tangible benefits: the unemployment rate dropped, the growth is steady and public finances have improved.
The stability support programme tackled structural issues that contributed to Greece experiencing an economic crisis. The reforms have laid the foundations for a successful economic recovery.
In total, Greece’s European partners provided €61.9 billion in loans in return for the Greek authorities implementing the reform package. The continued delivery of agreed reforms is being monitored under the Enhanced Surveillance framework.