The Greek government on Friday said the country was “turning a page” after Eurozone Ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy.
The Eurozone Ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
‘Turning a page’
“Greece is turning a page, its debt is now viable,” government spokesman Dimitris Tzanakopoulos said. “I think the Greek people can smile, they can breathe again.”
Following the Eurozone Ministers’ hard-fought agreement declared earlier on Friday, Greece is slated to leave its third financial rescue since 2010 on August 20. “The Greek crisis ends here tonight,” said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.
The Ministers agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached close to double the country’s annual economic output. They also agreed to disburse €15 billion ($17.5 billion) to ease Greece’s exit from the rescue programme. This would leave Greece with a hefty €24 billion safety cushion, officials said.
