Is Greece technically still in a bailout program?

Greece has little to cheer despite reaching an end to its third bailout program as austerity measures will remain with the country for at least two more years, one academic told CNBC Tuesday.

European and Greek politicians are in celebratory mode as Athens ended a decade of financial assistance on Monday. But, according to one expert, Greece remains in the hands of its creditors and is under an “informal” fourth bailout program.

“Greece has already undertaken quite a lot of commitments for the next two years that aren’t dramatically different from another program,” Panos Tsakloglou, an economics professor at Athens University, told CNBC’s “Squawk Box Europe.”

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam