Greece: Ex-Post Evaluation of Exceptional Access Under the 2012 Extended Arrangement-Press Release; Staff Report;and Statement by the Executive Director for Greece

February 7, 2017

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Greece: Ex-Post Evaluation of Exceptional Access Under the 2012 Extended Arrangement-Press Release; Staff Report;and Statement by the Executive Director for Greece, (USA: International Monetary Fund, 2017) accessed December 20, 2024

Summary

This paper discusses Greece’s Ex Post Evaluation of Exceptional Access Under the 2012 Extended Arrangement. Greece has made significant progress in unwinding its macroeconomic imbalances since the onset of its financial crisis. However, extensive fiscal consolidation and internal devaluation have come at a high cost to society, reflected in declining incomes and exceptionally high unemployment. On the basis of Greece’s current policy adjustment program, long-term growth is expected to reach slightly lower than 1 percent, and the primary fiscal surplus is projected to come in at about 1.5 percent of GDP. Downside risks to the macroeconomic and fiscal outlook remain significant, related to incomplete or delayed policy implementation.

Subject: Asset and liability management, Banking, Debt relief, Debt sustainability, External debt, Fiscal consolidation, Fiscal policy, Macrostructural analysis, Public debt, Structural reforms

Keywords: Adjustment program, CR, Debt relief, Debt sustainability, Europe, Evaluation, Fiscal consolidation, Global, Government, Greece's collective-dismissal, IMF quota, IMF staff projection, ISCR, Post evaluation, Short-term debt relief measure, Structural reforms, Surplus

Publication Details

Pages:

76
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/044
Stock No:

1GRCEA2017003
ISBN:

9781475576252
ISSN:

1934-7685

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