Greece's fiscal path becoming clearer; sizeable adjustment lies ahead

EconomyMacroeconomy Tags: Budget, Debt, EC, ESM
Photo by MacroPolis
Photo by MacroPolis

After two years of fiscal relaxation across the eurozone thanks to the activation of the escape clause, allowing fiscal rules to be eased so governments could cushion the blow of the pandemic, Greece’s future fiscal path started to take shape over the last few days.

The country’s fiscal commitment was defined at the end of the third programme in 2018 and was incorporated into the Greek debt sustainability analysis (DSA) that was carried out by the European Commission soon afterwards.

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