"The conclusion of the ESM programme marks a very important moment and historic for all of us. We had eight very difficult years, often painful years, but now Greece can finally turn a page in a crisis that has lasted too long," EU Commissioner for Economic and Financial Affairs Pierre Moscovici said on Monday during a press conference.

"The worst is over, the hardest work has been done, the most difficult part is behind us. Today we have reached the end of the era of the programme, but it is also the start of a new chapter and this is what I would like to insist on. I very much hope it will be a new start for Greece, for its economy, for its relation with the other countries of the eurozone," he added.

Moscovici expressed the hope that this will mark an improvement for citizens and businesses.

"The end of the programme is not, however, the end of the road," he said and added: "It is an important stage towards the recovery of Greece. Sustained efforts will be necessary to consolidate this recovery. The end of the programme is not the end of the reforms either. If we stopped now, it would be a big step backwards and it would ruin eight years of hard work.

"Greece has made more than any other member state of the European Union to modernize its administration and its economy," he said.