Greece returns to normalcy in August 2018, says Katrougalos

Greece will return to normalcy this August when its adjustment program expires, Alternate Minister of Foreign Affairs George Katrougalos said on Thursday, during a speech at the Greek-French forum “Greece: The roads of Hope”, organized by the French magazine L’Observateur and Greek daily Kathimerini at the Stavros Niarchos Foundation Cultural Center.

“In August 2018, Greece returns to normalcy, we take back the piece of our democratic legitimacy, which in the period of supervision and memoranda, had been reduced,” he said.

Katrougalos defended the government’s decision for a “clean” exit from the program, without precautionary credit line, saying it will allow Greece to implement “its own Greek program of reforms and not to continue with a recipe of measures that are not adjusted to our own needs.”

Commenting on the country’s bailout programs, he said there were “punitive elements” in the way they were implemented because “they consisted of concentrated neo-liberalism”. However, he added, without the intervention of the European support mechanism, Greece could not have remained in the EU and the Eurozone. “That was the point of our own compromise in June 2015,” he said.