Greece yesterday concluded 12 years of European Union (EU) fiscal surveillance that was imposed in return for bailouts after a crushing debt crisis. In November 2009, Athens revealed a sharp rise in its public deficit that eventually led to a financial crisis across the eurozone and wreaked havoc on Greek finances for a decade. In exchange for bailout cash of €289bn and to stop Greece from crashing out of the eurozone, a “troika”, made up of the International Monetary Fund, EU and the European Central Bank, demanded across-the-board reforms from Athens. These included deep state spending and salary cuts, tax hikes, privatisations and other sweeping reforms aimed at righting public finances.
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