European Commission official warns of ‘foreign supervision post-bailout program

Posted by Christian J. Hadjipateras 01/02/2018 1 Comment(s) Economia Blog,

The European Commission representative, Declan Costello, has warned that Greece is likely to remain ‘under significant foreign supervision’ for as long as a decade once the EU backed bailout program ends in August. The statement contradicts Greek PM Alexis Tsipras’ attempts in trying to persuade everyone that Greece will stand on its own two feet.


According to the Ta Nea newspaper, Costello made the comments during a speech to Dutch MPs in The Hague and also raised doubts about whether Greece can achieve sustainable growth in the long term.


He also stressed that several reforms are pending, noting that some of the more complex structural reforms would require up to 10 years to be properly enforced. He also commented on continuing delays in Greece’s privatisation program, which was one of the conditions attached during negotiations at the end of last year. 

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