The European Union will end the "strengthen monitoring" of Greek finance

新华社北京8月11日电负责监管欧洲联盟27个成员国预算的欧盟委员会10日宣布，定于20日正式解除对希腊政府财政开支的“强化监控”措施，认可希腊政府已兑现当年为换取Rescue and "most of the policy commitments" made to other euro countries.

The Greek has celebrated the "difficult chapter" of "saving food and shrinking" under the strict monitoring of the EU for 12 years. However, there is still a way to return to the international financial market's confidence in Greece.

This is the headquarters of the European Commission headquarters in Brussels, Belgium on December 24, 2020. Xinhua News Agency reporter Zhang Ye Zhang

"No exception"

The European Commission stated on the same day that "thanks to Greece's efforts, Greece's economic toughness has been significantly improved, and the risk of spilling effects on the economy of the euro zone is significantly reduced." Therefore, there is no reason to continue to "strengthen monitoring".

The "Greek reporter" news website reported that a letter from senior EU officials caused the Greek government to confirm that from the 21st, Greek's fiscal budget was no longer subject to the EU's "strengthening monitoring" mechanism.

"On August 20th, it marked Greece's goal of achieving a major national goal, that is, the termination of the EU's strengthening monitoring mechanism. Tos Steklas wrote on social media on the 10th.

In a formal statement, Steklas said that the above letter was signed by the EU Council Executive Vice Chairman Flapus East Brovskis and the member of the economy.

"This progress, combined with the early loan repayment of the International Monetary Fund and comprehensively revoking fund control measures, ended Greece's 12 years of difficult chapters. Greece's return to normal track is no longer a special case of the euro zone." Stekurara. Sride said in the statement.

Affected by the financial crisis in 2008, the Greek government's financial difficulties have intensified, and the fiscal deficit and liabilities rate far exceed the EU's upper limit. At the end of 2009, the sovereign credit rating was lowered by the three major credit rating agencies around the world, triggering the debt crisis, and the debt crisis in the euro zone. Greece acknowledged that the financial data had been reported to the euro zone, thereby losing the right to financing to the international bond market. The amount of debt was equivalent to 180%of the GDP (GDP).

On July 13, 2015, in the Belgian capital Brussels, then the then President of the European Council Tusk (middle), the then European Commission Chairman Rongcc (left), and then the chairman of the euro group Desailb Rum After the Summit, the Summit attended the press conference. After 17 hours of negotiations, the euro zone leader summit reached an agreement on the day of Greek debt issues. Photo by Zhou Lei, a reporter from Xinhua News Agency

Beginning in 2010, the euro group, the European Central Bank, and the International Monetary Fund have conducted a total of more than 200 billion euros in Greece for three rounds of rescue for Greece. The condition is that Greece has adopted a fiscal tightening policy and economic reform under monitoring.

On August 20, 2018, the EU's third round of rescue plans for Greece ended, and the Greek debt crisis was basically over, which could return to the international financial market. The European Union's fiscal budget expenditure has launched a "strengthening monitoring", which reviews and evaluates whether Greece strictly controls fiscal expenditure in accordance with the requirements of Germany and other creditors.

On June 22, 2018, then Greek Prime Minister Zipras delivered a speech at the Zipion Palace in the center of Athens. He said that the euro region's financial minister agreed that Greece's withdrawal of rescue programs as scheduled was "historic", indicating that Greece wins the key battle for the debt crisis against the debt crisis. Xinhua News Agency (Photo by Laftoris Patsuris)

Still monitoring

The Associated Press reported that Greece provided the requirements of aid loan countries in the euro group, implemented major economic reforms, adopted a fiscal tightening policy, increased the tax rate many times and greatly reduced benefits, but the first two rounds of rescue effects were not good. Poverty and unemployment rates have risen, and one -quarter labor force has not been worked, causing the public to dissatisfaction with the government.

In 2015, the then Prime Minister Alexis Cizapras initiated a citizen voting to determine whether Greece should accept the rescue conditions proposed by the creditor. The result of the referendum was to refuse to accept the restrictions of the creditor's rights.

On February 23, 2018, in the capital of Belgium, Greek Prime Minister Ziplas attended a press conference. Xinhua News Agency reporter Ye Ping ordinary photo

Steklas said that leaving "strengthening monitoring" can enhance Greece's position in the international market and enhance its economic growth potential and investment attractiveness. On the other hand, the Greek government can have more autonomy when applying for the existing rules of all EU member states to implement a fiscal and economic policy, and then closer to the ultimate goal of achieving sovereign credit rating "return to investment level".

Greece has entered the international bond market, but the sovereign credit score is still lower than the "investment level" level, which means that the cost of borrowing is higher, and it will also allow many investors to avoid buying Greek government bonds. The Greek government hopes to return to the "investment level" ranks next year.

The EU's "strengthening monitoring" does not mean to revoke all monitoring. According to the agreement, Greece still needs to continue to receive financial surveillance from EU institutions, until 2059 is expected to pay 75%of assistance loans.

However, compared to the current "first -quarter first instance" system, the surveillance process will be simplified into "twice a year" review after August 20.The country is the same.The Greek debt crisis is a major test in the euro area.Since 2010, the EU has strengthened the financial supervision of member states. Except for regular review, the financial budget case of member states must be reviewed by the EU. If the budget deficit fails to control less than 3%of the GDP, it will be punished.

The European Union is worried that if a larger economy is more debt crisis than Greece, such as long -term high -liabilities Italy, the European Union may be unable to rescue only with existing methods.(Shen Min)

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