The Greek Government Announces the End of the Country's Economic Crisis

On Friday, July 1st, the Greek government announced that with the passage from the economic crisis, a new chapter has begun in the country. This event was made possible by an agreement among Eurozone countries to reduce Greece's debts and its imminent exit from the financial aid program. The economic crisis in Greece began nearly a decade ago due to a lack of control over the country's current expenditures. This severely affected the European Union's economy, raising the possibility of the collapse of the single currency in the Eurozone, and ultimately, the crisis was contained with three financial aid packages. Dimitris Tzanakopoulos, the Greek government spokesperson, stated in an interview with ERT television that Greece is entering a new chapter. 'Its debts have now been adjusted. I think the people of Greece can smile again. They can breathe again. This is a historic decision.' According to the agreement reached by EU ministers just hours before these statements, Greece will conclude its third economic rescue program, which began in 2010, on August 20th. Pierre Moscovici, the EU Economic Commissioner, said after the agreement in Luxembourg, 'The Greek crisis ends tonight.' Initially, the agreement seemed straightforward, but Germany's last-minute resistance caused the negotiations to last six hours, as Germany is Greece's largest creditor. EU foreign ministers ultimately agreed to postpone the repayment deadline for most of Greece's total debts by ten years. These debts amount to a significant sum, roughly equal to about twice Greece's annual economic output. They also agreed on a $15 billion credit line for Greece to exit the financial rescue program, which has brought satisfaction and joy to the Greeks.