ATHENS: Greece turned a page on eight years of spending cuts and three straight international bailouts on Monday but experts warned that the country’s economic challenges are far from over.

“The conclusion of the stability support programme marks an important moment for Greece and Europe,” said European Commission President Jean-Claude Juncker, hailing “a new chapter” in the country’s “storied history”.

The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330bn) in three successive programmes in 2010, 2012 and 2015.

The economic reforms the creditors demanded in return brought the country to its knees, with a quarter of its gross domestic product (GDP) evaporating over eight years and unemployment soaring to more than 27 per cent.

But Greece has now returned to growth, its once vast public deficit has been turned into a solid budget surplus - before interest payments are made - and the jobless rate has fallen below 20pc, officials say.

“For the first time since early 2010 Greece can stand on its own feet,” said Mario Centeno, who heads the Eurogroup of eurozone finance ministers that monitored the bailout deals.

Published in Dawn, August 21st, 2018