This does not mean that the country enters a regime of absolute freedom. Control will exist until Greece repays 75% of its debt obligations.
By Chrysostomos Tsoufis
“Discharge” from enhanced supervision our country has been taking since August 20, and in fact the… “guards” have already put their signatures. Christos Staikouras has it in his hands letter from the Commission, in which it is stated that the authorities commissioners recommend the Greek “exit”.
Somehow August 20 will go down in history as it will seal the end of a 12-year era.
12 years in which the country was at the mercy of 2 crises, a debt crisis and a credibility crisis. And in order to get back on her feet, she had to go through fire and iron through 3 exterminating memoranda for the taxpayers.
Greece is now shaking off the “retsinia” of the country under fiscal control. It alone needed to undergo the 3-month post-memorandum supervision assessments, at a time when the …traumatic memories of the arrivals every 3 months first of the troika and then of the institutions for the on-site evaluations either at the Ministry of Finance initially or later at Hilton and the Ministry of Justice as part of the memorandums are still fresh.
However, it does not mean that the country enters regime of absolute freedom. After all, there will be control until Greece repay 75% of its loan obligations. But in the stage of post-program monitoring, as the new regime will be called, the controls are more “relaxed” and every six months. And there will be the company of Portugal, Cyprus, Spain and Ireland.
There are of course some debts from the enhanced supervision. The country has left a 22 to-do list, among which the liquidation of overdue liabilities, the draft 2023 budget, the Land Register, specific actions in privatisation, forest maps, the Real Estate Agency and clawback. The course of their implementation will be examined in the autumn so that the December Eurogroup can decide on it disbursement of the last installment of 748 million euros which has remained ….a deposit since the summer of 2019 when, due to the elections, it could not be checked.
From August 20, Greece comes even closer to investment grade, the Holy Grail at the moment for the government. It ceases to be a special case, and the goal of obtaining investment grade – political developments permitting – within 2023 becomes absolutely possible despite the difficult environment. Anyway, this country is on a trajectory of constant upgrades, with 12 such in the last 3 years.
The exit from enhanced supervision together with the end of capital controls and the early repayment of the IMF, mean a total return to normality for the country.
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