Economics
EU Audit Admits Greek Bailouts Didn't Go as Planned
- Report says main objective of market access remains challenge
- Audit recommends improving bailout design and implementation
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Greece’s successive bailouts have only met their objectives to a limited extent as economic growth remains weak, debt has increased and banks’ ability to lend is still restricted, according to a report by the European Union’s auditors.
While the lifelines ensured the country could meet its financial obligations and improve its budget situation, they failed to achieve their main goal of full market access for the continent’s most indebted state, according to the examination by the Luxembourg-based European Court of Auditors. The report focused on how the European Commission, the EU’s executive arm, helped oversee Greece’s three rescue programs.