EU Extends Post-Program Framework for Greece by Six Months

The European Commission announced on Wednesday its decision to extend its “enhanced surveillance framework” for the nation of Greece by six months.

This decision was adopted by the European Commission under EU rule No 472/2013, which is also called the “two-pack.”

The EU Commission states in its announcement that ”this extension is part of the normal and expected process that serves to ensure continued support” for Greece.

The commission emphasized that it foresees “the completion, delivery and implementation of reforms agreed under Greece’s stability support program, in line with the commitments made by the Greek authorities.”

Every EU member state agrees as a matter of course to have its finances overseen by European Union authorities.

However, the nation of Greece, following its successful completion of the third bailout program in August 2018, is under the provisions of ”enhanced surveillance” due to the complexity of the issues the Greek economy faces.

The nation has undergone a period of strict austerity since the financial crisis, including nearly eight years of fiscal adjustment programs.

The first enhanced surveillance report for Greece was published in November of 2018, and the second report will be published on February 27, 2019.