Greeks emerge from final bailout

Greece's jobless rate has fallen to 20 per cent. Pic/AF

Greece turned a page on eight years of spending cuts and three straight international bailouts yesterday as experts warned that the country's economic challenges are far from over. "The conclusion of the stability support programme marks an important moment for Greece and Europe," said European Commission President Jean-Claude Juncker, hailing "a new chapter" in the country's "storied history".

The EU, the European Central Bank and the IMF loaned Greece a total of 289 billion euros in three successive programmes in 2010, 2012 and 2015.The economic reforms the creditors demanded in return brought the country to its knees, with a quarter of its GDP evaporating over eight years and unemployment soaring to more than 27 per cent. But Greece has now returned to growth, its once vast public deficit has been turned into a solid budget surplus and the jobless rate has fallen below 20 per cent, officials say.

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