Today’s exit of our country from enhanced supervision comments on the Frankfurter Allgemeine Zeitung, solemnly declaring that “the nightmare of the Greeks is over.”

Of course, the article in the economic section of the German newspaper emphasizes that Greece “remains the problem child of the eurozone.”

The German edition notes that after three memorandums in 2010, 2011/12 and 2015 and extensive reforms, “proud Greeks perceived the permanent presence of the troika as a challenge and a nightmare – precisely because the institutions were preoccupied not only with savings, but mainly with structural reforms that the Greeks perceived it more as a demand for austerity and as an intervention in Greek politics.”

However, Greece remains a special case due to its high debt. Some loans received by Greece in connection with the euro crisis expire in 2060, which will put pressure on the Greek national budget for a long time to come, despite favorable conditions. However, the end of enhanced oversight is an important step, FAZ comments.

Gentiloni: “The public debt crisis was a hard lesson”

Outside congratulations from Ursula von der Leyen and Charles MichelGreece’s exit from the regime of enhanced supervision was also commented on by the Commissioner for Economics, Paolo Gentiloni.

“Thanks to the self-sacrifice and endurance of its people, as well as the determination of the authorities, Greece today closes a difficult chapter in its long and proud history,” he said today.

“The country is coming out of heightened surveillance after four years of successfully fulfilling most of its political commitments made in the Eurogroup. Greece has effectively implemented key reforms to strengthen its economy and public finances. His accomplishments are all the more commendable given that this period was marked by two major external shocks: the COVID-19 pandemic and Russia’s invasion of Ukraine,” the economy commissioner said in a statement.

Paolo Gentiloni also emphasizes that the Commission will continue to support Greece in its next phase of economic development and will work with it to implement the reforms and investments outlined in the ambitious recovery and resilience plan.

“The end of heightened surveillance of Greece also marks a symbolic end to the most difficult period the eurozone has experienced. The sovereign debt crisis that defined the early years of the previous decade was a hard lesson for our Union. Our strong collective response to the pandemic has shown that Europe has learned the lessons of this crisis. We must show the same solidarity and unity as we navigate the troubled waters that our economies are now in,” the finance commissioner said in a statement.

Asked what lessons have been learned from the experience of the public debt crisis, Mr. Gentiloni said that two lessons are the most important: “First, in a crisis, decisions must be made quickly and in a spirit of solidarity. The sovereign debt crisis was a dramatic turning point and a hard lesson for our Union: solutions were often found at unnecessarily high costs, both social and economic. Second, given the interdependence of the eurozone economies, a coherent and coherent set of policies is needed that combines prudent fiscal policy with investment and reform, and the interaction of monetary and fiscal policies. Fortunately, I believe we have collectively learned these lessons, as evidenced by the EU’s response to the COVID-19 pandemic.”

According to Deutsche Welle, APE-MPE