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Parliamentary questions
14 June 2018
E-002114/2018
Answer given by Mr Moscovici on behalf of the Commission

When Greece lost market access in 2010 and was unable to finance its sizeable fiscal needs, its European partners provided unprecedented financial assistance in support of the economic adjustment programme prepared by Greece in collaboration with the Commission, the European Central Bank and the International Monetary Fund.

The role of the Commission is to represent the lenders in the design, the monitoring of implementation and the assessment of compliance with the programme conditions as set in the memorandum of understanding.

The short-term programme objectives were to restore confidence and maintain financial stability. The implementation of the programmes prevented the collapse of the financial system that would have resulted in far more dramatic consequences.

The medium-term objective was to improve competitiveness and alter the economy's structure towards a more investment‐ and export-led growth model. However, a successful return to growth depends on successful programme implementation. Given that both the first and the second programmes were interrupted, this ultimate goal was not entirely achieved. The ongoing European Stability Mechanism programme is on track for a successful completion in August 2018.

Greek real gross domestic product grew by 1.4% in 2017 and it is the first time since 2007 that Greece has produced growth over 1%, and the first time since 2006 that the economy grew in each quarter of the year. The Commission acknowledges the considerable strides Greece has made in correcting its imbalances and implementing deep structural reforms.

Still, it will take continued efforts to eliminate stock and balance sheet problems (e.g. high Non-Performing Loans and unemployment) and structural reform implementation needs to be sustained after the programme ends so as to support the economy's growth potential.

Last updated: 18 June 2018Legal notice