Greece emerges from eurozone bailout programme

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Greece has successfully completed a three-year eurozone bailout programme worth €61.9bn (£55bn; $70.8bn) designed to tackle its debt crisis.

After the biggest bailout in global financial history, totalling more than €260bn, the country will be paying loans off for several decades.

But for the first time in eight years, it can borrow at market rates.

As a condition of the loans, the government was forced to introduce deeply unpopular austerity measures.

The economy has grown slowly in recent years and is still 25% smaller than when the crisis began.

The €61.9bn was provided by the European Stability Mechanism (ESM) in support of the Greek government’s efforts to reform the economy and recapitalise banks.

 

 

Source: BBC

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