Greece: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access

June 10, 2014

Preview Citation

Format: Chicago

Greece: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access, (USA: International Monetary Fund, 2014) accessed November 23, 2024

Summary

This paper discusses Greece’s Fifth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF), and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access. Greece has gone from having the weakest to the strongest cyclically adjusted fiscal position within the euro area in just four years. But more fiscal adjustment is needed to restore debt sustainability. Structural reforms are progressing, although unevenly. The redoubling of efforts to liberalize products and service markets are much welcomed. On the basis of reforms undertaken in the context of this review, and the government’s policy commitments going forward, the IMF staff supports the completion of the fifth review.

Subject: Banking, Credit, Expenditure, Financial institutions, Financial statements, Fiscal consolidation, Labor, Loans, Money, Nonperforming loans, Public financial management (PFM)

Keywords: Adjustment program, Arrangement, CR, Credit, Disbursement of SDR, EFF arrangement, Europe, Executive board discussion, Global, Government, Greece, ISCR, Loans, Nonperforming loans, Private sector

Publication Details

Pages:

226
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/151
Stock No:

1GRCEA2014001
ISBN:

9781498338196
ISSN:

1934-7685

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