This year, things are about to change for Greece. Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, said that this will be the year when Greece finally leaves the bailout program, and becomes “a normal country, with normal rules and normal procedures”.
Remarkably, the Greeks strive to achieve financial independence from their lenders. On the one hand, this desire is rather strange as some countries dream about getting financial assistance. But on the other hand, for developed countries it is mauvais ton to depend on someone’s help. The year has just begun, so Greece has a lot of work to do, including important fiscal adjustments. To implement the necessary reforms, the country will get another, and probably, final tranche of 6.7 billion euro. The new tranche was approved after Greece had provided the third report on reforms which received positive appraisal.
The huge efforts of the Greek government helped the country to get the new tranche of financial assistance. Athens has been dependent on the bailout program of the European Union and the International Monetary Fund since 2010. For seven years, Greece lost almost one third of its production volume, but now the economy is recovering gradually.
