European commission to closely monitor Greece after bailout

BRUSSELS - The European Commission on Wednesday decided to closely monitor the fiscal situation of Greece after the country concluded its bailout program next month.

The decision follows the deal reached at the Eurogroup on June 22, which confirmed that Greece had implemented all of the prior actions under the fourth and final review of the program.

The "enhanced surveillance" will allow for a close monitoring of the economic, fiscal and financial situation and its evolution in Greece. The focus of surveillance will include fiscal and fiscal structural policies, social welfare, financial stability, labor and product markets, privatization, and public administration. And reporting will take place on a quarterly basis.

"Greece is now able to stand on its own two feet; that does not mean that it must stand alone. Europe will remain engaged and committed to supporting the country, and so will the European Commission," European economic commissioner Pierre Moscovici said.

"Enhanced surveillance is not a fourth program: it involves no new commitments or conditions. It is a framework to support the completion and delivery of ongoing reforms," he added.

In August 2015, following a request from the Greek authorities, financial assistance to the country has been provided from the European Stability Mechanism (ESM) in the form of a three-year stability support program. This program will conclude on Aug. 20 this year.