Brussels outlines post-bailout plan

The European Commission ratified on Wednesday last month's Eurogroup decision on Greece's post-bailout framework, approving the activation of the enhanced surveillance to begin from August 21. Its aim - as opposed to a "clean exit" - is to secure the implementation of reforms from the third program and ensure that Athens sticks to the pledges it has made.

Commission Vice President Valdis Dombrovskis said this framework provides for quarterly reviews by the creditors, with the Commission issuing assessment reports every three months and sending them to the European and the Greek parliaments and the Eurogroup. The activation of the measures to ease Greece's debt will depend on the implementation of specific measures and the positive reports that Brussels will draft.

As Dombrovskis and Economic Affairs Commissioner Pierre Moscovici explained, the option of increased...