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Eurogroup ministers note progress in Greece’s reforms

The Finance Ministers of Eurozone countries recognized Greece’s progress in implementing reforms despite the challenge of the coronavirus pandemic, during a meeting in Luxembourg on Monday, Eurogroup President Paschal Donohoe said.

EU Commissioner for the Economy Paolo Gentiloni told journalists during a press conference after the meeting in the framework of the 11th report of enhanced surveillance for the country that Greece is providing strong indications of a recovery, due to the gradual opening of the economy and the very strong tourism periods, despite the fires in August. Greece met its specific obligations in privatizations, tax administration, education and public administration, he said.

European Stability Mechanism head Klaus Regling noted that the rate of economic recovery in Greece is much higher than forecast until recently, and said he would not be surprised if it reaches 6% of GDP for 2021.

He also noted progress in reforms, but said more must be done for nonperforming loans, while also pointing out that public debt is higher now than before the pandemic, and should be monitored closely.