Merkel on official end of Greek bailout: A good example of European solidarity

21 August 2018
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Angela Merkel was among the last, but the most prominent, European leader on Monday to comment on Greece’s official exit from the third (and last) memorandum bailout, with the powerful German chancellor referring to a “good example of European solidarity.”

In a written statement, Merkel also cited what she called the achievements of the Greek economy, saying growth has returned to the recession-battered country and investments are again on the rise.

She also reminded of similar “successes”, as she noted, with other Eurozone members requiring an adjustment program, i.e. Ireland, Spain, Portugal and Cyprus – all of which were rescued with one bailout, to Greece’s three.

“Until 2022 Greece wants to achieve a primary budget surplus of 3.5 percent of GDP, and to meet European fiscal rules … The successful completion of the ESM program marks a significant step for Greece, which in the future will be funded again by its own means,” her statement read.

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