We examined the European Commission’s management of the three Economic Adjustment Programmes for Greece, bearing in mind the institutional set-up of the different financial assistance instruments used. In relation to the ongoing programme, the audit focused only on the design aspects. Funding for the first programme (GLF), in 2010, was 110 billion euros; for the second (EFSF; 2012) it was 172.6 billion euros and for the third (ESM; 2015) it was 86 billion euros. As of mid-2017, Greece still requires external financial support and we found that the objectives of the programmes were met only to a limited extent.
Overall, the programmes’ design did make the progress of reform in Greece possible, but we found weaknesses. We make a number of recommendations to the Commission for future support programmes.
Special report No 17/2017: The Commission's intervention in the Greek financial crisis