EU's Moscovici says Greece on way to sustainable recovery

A slew of austerity measures undertaken by Greece as part of its bailout will lay the basis for the country's sustainable recovery, European Economics Commissioner Pierre Moscovici said on Monday as Greece exited the last of its three bailouts.

Since the debt crisis exploded in early 2010, four successive Greek governments have struggled to stave off bankruptcy, relying on the biggest bailout in economic history, more than 260 billion euros lent by Greece's euro zone partners and the IMF.

"The extensive reforms Greece has carried out have laid the ground for a sustainable recovery: this must be nurtured and maintained to enable the Greek people to reap the benefits of their efforts and sacrifices," Moscovici said in a statement.

He said the Greek economy is expected to expand around 2 percent this year and next after growing 1.4 percent last year.

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