Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement

June 5, 2013

Preview Citation

Format: Chicago

Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement, (USA: International Monetary Fund, 2013) accessed November 21, 2024

Summary

Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved. The program lacked in better tailoring of IMF lending policies, avoiding undue delays in debt restructuring, attention to the political economy of adjustment, and parsimony in fiscal structural reforms. The importance of streamlining the Troika process and effective risk-sharing arrangements within the euro area has been stressed by Executive Directors.

Subject: Asset and liability management, Debt restructuring, Expenditure, Pension spending, Public debt, Public sector wages, Revenue administration, Structural reforms

Keywords: Anti-evasion policy, Cash reporting, CR, Current account, Debt restructuring, Effectiveness indicator, Europe, General government expenditure, Global, Government interest expenditure, Government saving, Growth model, Interest rate, ISCR, Partner country authorities, Pension spending, Personnel system, Potential GDP, Reform plan

Publication Details

Pages:

51
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/156
Stock No:

1GRCEA2013005
ISBN:

9781484387894
ISSN:

1934-7685

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