The lessons from the economic crisis of Greece showed that the financial aid programs were beneficial in “providing indispensable financial support to Greece following its loss of market access, and in preserving the integrity of the euro area,” despite the “considerable economic and social costs” to the country, the European Stability Mechanism (ESM) board of governors said on Thursday, ANA reports.
Commenting on an evaluation report on Greece by Joaquin Almunia, ESM’s board said that “the absence of the financial assistance would have resulted in a substantially costlier outcome both for Greece and the euro area, with unforeseeable negative effects.”
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