Photo taken on Aug. 20, 2018 shows a view of the Greek Parliament in Athens, Greece. Greece's exit on Monday from the bailout programs introduced eight years ago to avert a financial meltdown and restore growth of the debt-laden economy is an important first step forward, but no reason for celebrations, former Greek Prime Minister George Papandreou told Xinhua. (Xinhua/Marios Lolos)
By Maria Spiliopoulou, Valentini Anagnostopoulou
ATHENS, Aug. 20 (Xinhua) -- Monday was not a day of celebrations in Athens.
Although Greece formally exited the painful bailout programs introduced in 2010 to keep the ailing debt-laden economy afloat and in the euro zone, international creditors and Greeks alike focused on the steps which need to be made the next day to avoid a replay of the crisis in the future.
Greece has long way to go, Greek media chiefs told Xinhua here, as European officials congratulated Greece on the beginning of a new chapter, urging Athens to stay on the reform path to ensure sustainable growth.
"The conclusion of the stability support program marks a very important, I would say historic, moment for all of us and first of all for the Greek people. It has been 8 difficult -- often painful -- years, that were marked by 3 successive programs, but now Greece can finally turn the page of this long crisis," Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs said, according to an e-mailed statement.
"We will continue to stand by Greece's side. We will work hard to ensure that all the sacrifices of the past few years have not been in vain and in result will have to emerge collectively stronger," he said.
"Today is a significant milestone, as Greece's third financial support program by European lenders is concluded, but I would say that there are specific features compared to other countries which followed the same course," Panos Amyras, Managing Director or "Eleftheros Typos" (Free Press) daily told Xinhua on Monday.
Greece has undertaken major commitments for coming years, in particular 2019-2020 which will keep the pressure on Greek households and businesses, he explained.
As of Tuesday Greece faces international capital markets and needs to convince investors to purchase Greek state bonds, to invest in Greece to support growth, Amyras noted.
"The next day will be difficult based on the commitments undertaken, the mid-term program and draft laws approved. If fresh cutbacks on pensions will come, as it has been voted in parliament, the tax-free threshold will be lowered and taxation increases, we may see a crisis re-ignition," he said.
"Unfortunately Greece still does not have a strong growth advantage. Ireland and Cyprus for example who went on the same path kept taxation rates low. We raised taxation significantly and this does not help entrepreneurism and citizens' daily life," Amyras argued.
Asked about the lessons the eight- year crisis has left behind he stressed that Greeks "learned that there are no easy solutions, nor magicians who can distribute handouts".
"On the contrary such policies increase the bill for the citizens. We have seen that all European officials have estimated the cost of the negotiations for the third bailout in the first half of 2015 for example to 86-200 billion euros," Amyras underlined.
Tassos Pappas, Chief Editor at "Efimerida ton Syntakton" (Editors Journal), is also not very optimistic about the next day.
"The past eight years a major economic catastrophe took place. Greece lost the 25 percent of its GDP. Only countries emerging from wars defeated have faced something similar," he told Xinhua.
"Have we reached the end of this period? The government hopes so, and I also hope so, but I am not very optimistic. Greek society has received heavy blows. It is not easy to heal the wounds overnight. It takes patience, discipline, a new plan, but above all political will by governments to be able to respond to the challenges," Pappas said.
Asked on the lessons taught after eight years of crisis he stressed that Greeks realized that "one cannot implement a generous social policy with money from loans."
"You need to produce in order to spend. If you keep borrowing, then you become hostage and in the first crisis you will be obliged to let go of national sovereignty up to a large extent. This is what happened to Greece," he said.
"In the past eight years in Greece it was not Greek governments making the decisions, but lenders and Greek governments implemented them. Now, as we exit the memorandum we will have more freedom, but not absolute freedom," Pappas argued.
The Greek journalist expressed concern that in the post-bailout era Greece and other economies of the European North remain vulnerable to financial turmoil as long as all euro zone member countries are committed to a German-inspired Stability and Growth Pact which imposes austerity in the long run.
"If the country will not boost its defense with the mechanisms which will help her stand strong in crises, I am afraid we may soon see the same phenomena. We need a plan to protect the country from systemic crises which come and go in circles, as history has shown," Pappas said.
"Every 20-30 years we go through a crisis. The 2008 crisis was larger than previous ones, quite smaller than the 1929 crisis and I hope that the next one will be milder," he said.
The headlines on the front pages of Monday editions of Athens dailies as well as the Athens Stock Exchange indexes reflected the same hopes and fears.
"Greece restores its position," read the headline on the front page of "Ethnos" (Nation) newspaper, while "Naftemporiki" (Shipping Industry News) read "Which wounds have been healed, which ones remain open."
The Greek benchmark stock index rose by 0.32 percent to close at 712.61 points.
