Its first post-program oversight report will be published next November. Greeceon which his decision will be based. Eurogroup for the latest installment of debt relief measures, approximately 750 million euros, according to yesterday’s announcement Commissionin which Greece’s exit from the regime was officially announced enhanced supervision August 20th.

The report will mainly assess the implementation of the 22 commitments that remained unfulfilled during the period of enhanced surveillance and are its tail, as the country turns the page and now moves to a regime of simple post-program surveillance. Regime, that is, to which all countries included in the program during its period belong debt crisis (Spain, Portugal, Ireland, Cyprus). This includes monitoring every six months, instead of the quarter, which operated in a regime of increased supervision, which included only Greece. Monitoring will continue until 75% of the country’s debt is repaid, that is, until 2059.

22 reforms to be completed by November relate to the financial sector, justice, primary health care, land registry, labor law codification and achievement of agreed debt repayment targets. In particular, for the latter, by the end of August, a complete liquidation of pensions and a significant liquidation of other debts are envisaged. Indeed, in the pension sector, the goal is almost reached, since 2016, 93% of pending applications have been satisfied (see “K” 08.04.22).

According to the information, the first post-program evaluation by the institutions is due to start on October 11, and it is clear that in addition to the 22 outstanding issues of increased oversight, it will also concern the general course of the economy, in view of the presentation of the draft budget on October 3.

However, yesterday was the day of congratulations to the government and Greece from the European Commission.

• Letters from Dombrovskis and Gentiloni.

“The European Commission is not going to extend the enhanced supervision of Greece when it expires on August 20,” begins the announcement of the European Commission, announcing the end of this special regime for Greece, which lasted 4 years, after withdrawing from the Memorandum. Thus, in anticipation of a substantial return of the country to normality, the achievement of the investment level, which the Minister of Finance Christos Staikouras has set as a goal for 2023, remains to be achieved.

This intention of the Commission, which was expected after a corresponding discussion in the Eurogroup on June 16, was informed by the Vice-President of the European Commission Valdis Dombrovskis and Commissioner for Finance Paolo Gentiloni to Mr. Staikoura in a letter. August 2, with which they congratulated each other. The letter notes that “Greece has fulfilled most of the political commitments it made to the Eurogroup when it withdrew from the economic adjustment program in June 2018, and that it has been able to effectively implement reforms even under difficult conditions caused by the coronavirus pandemic and most recently as a result of Russian military offensive against Ukraine.

As a result, the resilience of the Greek economy has improved significantly and the risks of spillovers to the eurozone economy have been significantly reduced. Therefore, keeping Greece under increased surveillance is no longer justified.”

• Staikoura letter.

Mr. Staikouras responded with a letter dated August 3, noting that the reforms carried out by Greece over the past 3 years “constitute a solid foundation for achieving sustainable and inclusive development.” He even argues that they are already bearing fruit as Greece’s economic growth is gradually shifting towards investment and exports, while employment is growing, especially among women and youth, banking conditions are improving thanks to the expansion of credit in the real economy, and public finances are returning. in the right direction. .

While acknowledging that the Greek economy faces significant risks and uncertainties, like all EU national economies, Mr Staikouras emphasizes that Greece’s response will be based on continuing reforms after the end of enhanced surveillance.