Greece Exits the Bailouts

On 20 August 2018, Greece officially exited its third and final bailout program, after eight years of international financial support and strict supervision by its creditors. Since 2010, Greece had received three bailout programs from the eurozone and the International Monetary Fund, totaling around 289 billion euros, the largest financial rescue in history. In return, the country had carried out deep austerity measures and reforms. The exit meant that Greece would once again have to finance itself by borrowing on the international markets. Prime Minister Alexis Tsipras marked the occasion with a speech on the island of Ithaca, comparing Greece's journey to Odysseus's long voyage home. However, Greece remained under enhanced supervision from the European Union to ensure it continued its reforms and kept its budget in order, and it committed to maintaining large budget surpluses for years. The crisis had left deep scars. The economy was around a quarter smaller than before the crisis, unemployment was still high, and hundreds of thousands of people had emigrated. In the following years, the economy returned to growth.