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."
For this reason, he argued that, generally speaking, Athens has entered an "informal" fourth program.
Greece lost access to the financial markets in 2010 amid an unfolding sovereign debt crisis and, since then, it has struggled to revamp its economy — relying in the last eight years on creditors' money for financing. But this external help ended Monday, after three consecutive financial programs that imposed tough economic measures, from cuts in salaries and pensions to higher taxes.