Greece officially graduated from the International Financial Rescue Program

Greece _ Agencies

Greece on Monday officially announced its departure from the third and final international financial rescue program, eight years after relying on financial loans from the European Union and the International Monetary Fund (IMF) to break out of its economic crisis.

Greece has agreed with European creditors on the third loan package worth $86 billion, according to the rules of the European Stability Mechanism in 2015.

International donors, including the International Monetary Fund (IMF), intervened to save Greece from bankruptcy after the eruption of its financial crisis in 2010; Athens has since obtained loans worth 289 billion euros (330 billion dollars).

In exchange for these loans, Greece has committed itself to implementing a package of austerity measures, which has led to a quarter of the average Greek citizen's median income.

Greece's gross domestic product (GDP) contracted after the crisis erupted from 354 billion dollars in 2008 to 194 billion dollars in 2016.

Financial markets are expected to determine in the coming months whether or not the end of the international financial Rescue programme means the end of the financial crisis of Greece.

Greece has allocated a financial reserve of $25 billion to finance its financial needs over the next two years, regardless of the extent to which interest rates affect the instalments of the debt paid by Athens.

 

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