BRUSSELS (Reuters) – The European Commission decided on Wednesday on measures to closely monitor Greece’s fiscal policy after it concludes a euro zone-funded bailout program next month.
The move follows a deal reached by euro zone finance ministers and Greece in June that included new debt relief for Athens and a strict monitoring of its application of agreed reforms in coming years.
Surveillance - Commission - Greece - Respect - Commitments
The so-called “enhanced surveillance” will allow the European Commission to closely scrutinize Greece’s respect of commitments it made in return for billions of euros of loans under the existing bailout program, the third since 2010.
“Enhanced surveillance is not a fourth program: it involves no new commitments or conditions. It is a framework to support the completion and delivery of ongoing reforms,” European economics commissioner Pierre Moscovici said, dismissing criticism that the scheme would give euro zone lenders excessive controls over Greece’s economy.
EU - Countries - Ireland - Portugal - Years
Other bailed-out EU countries, like Ireland and Portugal, were subject in past years to monitoring after the end of their financial aid programs, but enhanced surveillance would go beyond the controls applied so far.
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