“Considering the extraordinary circumstances posed by the Coronavirus outbreak, Greece has taken the necessary actions to achieve its due specific reform commitments”, the European Commission said in its 6th post-Macroeconomic Rescue Plan Monitoring Report on Wednesday 20 May.
The report notes that at the onset of the crisis, Greece enjoyed a favourable fiscal position with substantial monetary reserves of €34 billion, a primary budget surplus (excluding debt servicing) above 3.5% of...