EU handling of Greek bailouts only partial success, say EU auditors

The European Union's handling of three bailout programs for Greece during the eurozone's financial crisis had several weaknesses and was only partly successful, European auditors said on Thursday.

EU and international creditors have channeled over 350 billion euros ($412.1 billion) of financial aid to Greece since 2010 to prevent the country's default and reduce contagion to the rest of the eurozone.

To get the funds, Athens had to embark on sweeping structural reforms and unpopular belt-tightening measures.

The programs "promoted reform and avoided default by Greece, but the country's ability to finance itself fully on the financial markets remains a challenge," the European Court of Auditors (ECA) said in a report on the Greek bailouts.

The ECA is responsible for assessing EU finances. Last year, it said the Commission's management of the bailouts for...