Marking the end of the third bailout programme, EU officials sent messages of support and praise to Greece after years of political and economic instability while the country was under close watch from its European and international creditors.
The European Central Bank and International Monetary Fund committed more than €288 billion in loans, making it the world’s biggest financial rescue.
Greece was granted a total of three bailouts, the most recent in 2015 saw €86bn handed over to Athens when only €61.9bn was required.
During the eight-year period, Greece was unable to chart its own economic policy and was forced to follow a strict obligations. However, Athens never repaid the loans.
One of the EU’s most senior officials, European Council President Donald Tusk sent a message of congratulations via Twitter.
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He said: “You did it! Congratulations to Greece and its people on ending the programme of financial assistance. With huge efforts and European solidarity you seized the day.”
European Commission vice president Valdis Dombrovskis commended “the Greek people on their perseverance and resourcefulness” during the Brussels-enforced austerity.
He said: “Today we celebrate the end of a very long and difficult journey and I would like to commend the Greek people on their perseverance and resourcefulness.
“What matters now is to build on this achievement by sticking to sound fiscal and economic policies. This is the way to strengthen confidence in the Greek economy, reap the fruits of reforms, support job creation and attract more investment.”
The European commissioner responsible for economic and financial affairs said Greece can “finally turn the page” on a torrid eight years of austerity measures demanded by Brussels in exchange for rescue funds.
Pierre Moscovici said: “We have had eight very difficult years, often very painful years, where we have had three successive programmes.
“But now, Greece can finally turn the page on a crisis that has lasted too long. The worst is over.”
During the period, Greeks have suffered immensely with almost a fifth of the working age population out of work and youth unemployment remains the worst in the EU at 43.6 percent.
According to forecasts, unemployment is expected to fall to 14 percent by 2023, which is still almost double the current Eurozone average of 8.3 percent.
Mr Moscovici admit he was “conscious that all those people may not feel that their situation has improved yet improved much it at all”, adding: “My message to them is therefore simple: Europe will continue to work with you and for you.”
Despite Brussels lauding the end of the bailout period, Greece has committed to attaining primary budget surpluses of 3.5 percent of GDP until 2022, and 2.2 percent until 2060 – a feat only achieved by a handful of countries since the 1970s.
The IMF have voiced disagreement with the EU’s demand and has argued the arrangement will only end in high taxation and low social spending.
The body urged Greece to stay in line with its spending plans while reducing high tax rates and broadening the income tax base.
The IMF said: “Any delay in these reforms would seriously undermine the credibility of the assumptions underlying the debt relief measures agreed with European partners.”