Greece passes crisis

Greece has successfully completed the Eurozone rescue programme, which has been designed to help this country cope with the debt crisis.

For the first time in eight years, Greece is now free to lend money to financial markets.

As a precondition for loans, the Greek government has been forced to present a series of unpopular austerity measures.

Greece's economy has grown light in recent years, but continues to be 25 per cent lower compared to the period when the crisis started.

Along with assistance from the International Monetary Fund, loans granted to Greece by 2010 amount to more than 260 billion euros.

This figure simultaneously marks the largest plan for salvation throughout global financial history.

The European Stability Mechanism has offered this state 61.9 billion euros in the past three years.

This support has been intended to help the Greek government reform the economy and recapitalise banks.

“Greece can now stand at its feet”, the leader of this mechanism, Mario Centeno, has said.

He has thanked the Greek people for co-operation, saying that for the first time in 2010, there will be no “rescue programmes”.

However, despite that, Greece's freedom to manage economic issues will be hampered by the strict supervision of the Union and the European Commission executive.

All of this has been declared to ensure that Greek authorities will implement reforms as agreed with the parties that have offered loans.