Creditors say Greece will get tough monitoring after bailout

European Commission officials say Greece will receive quarterly inspections from creditors after the bailout program ends in late August.

Greece has already committed to two more years of budget austerity policies after its third consecutive international rescue program is concluded. But creditors on Wednesday said Athens will remain under an “enhanced surveillance framework” to ensure that it meets ambitious budget targets through 2022.

EU Financial Affairs Commissioner Pierre Moscovici said: “The reform era has not ended.”

Greece has survived on international rescue programs since 2010, but cost cutting measures have badly weakened its economy and left the country with massive levels of debt to repay. The national debt is set to dip slightly to 178 percent of gross domestic product this year.