Greece emerges from euro zone $70.8bn bailout programme

Greece has successfully completed a three-year euro zone bailout programme worth $70.8bn designed to tackle its debt crisis.

After the biggest bailout in global financial history, totaling more than €260bn, the country will be paying loans off for several decades.

For the first time in eight years, it can borrow at market rates.

As a condition of the loans, the government was forced to introduce deeply unpopular austerity measures.

The economy has grown slowly in recent years and is still 25% smaller than when the crisis began.

The €61.9bn was provided by the European Stability Mechanism (ESM) in support of the Greek government’s efforts to reform the economy and recapitalize banks.

Set up by euro zone states, the ESM had been prepared to provide a further $27bn to Greece but said the country had not needed to call on it.

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