Bailout programs have only helped 'to a limited extent'

The three bailout programs applied since 2010 "only helped Greece to recover to a limited extent," while all of them lacked a growth strategy for the economy, according to a report by the European Court of Auditors (ECA) on the Greek bailouts issued on Thursday.

After almost three programs (the third expires next August), the economy has shrunk by more than a quarter without Greece returning to growth, the country's debt has increased and the banks still "have a limited ability to finance the real economy," argues the report, which focused on the role the European Commission has played in the bailouts.

It added that the programs have "promoted reform and avoided default by Greece, but the country's ability to finance itself fully on the financial markets remains a challenge."

The detailed report was based on access to a series of documents and interviews in...