Greece: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Greece

May 2, 2008

Preview Citation

Format: Chicago

Greece: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Greece, (USA: International Monetary Fund, 2008) accessed November 22, 2024

Summary

The Greek economy showed strength supported by solid gains in employment, substantial real wage increases, low interest rates, and rapid credit expansion. Executive Directors appreciated the performance of the banking system and welcomed the Bank of Greece’s efforts to strengthen provisioning requirements and lending standards. Directors welcomed the balanced budget and product market reform and stressed the need to improve tax administration. They advised that sustained fiscal consolidation is helpful for safeguarding debt sustainability. Directors emphasized for a budget framework to guide fiscal strategy and prioritize policy objectives.

Subject: Banking, Credit, Employment, Expenditure, Income, Labor, National accounts, Pension spending, Public debt

Keywords: Adjustment path, CR, Deficit, Demand growth, Eastern Europe, Employment, Europe, Global, IMF Revised, IMF staff estimate, IMF staff projection, Income, Inflation outlook, ISCR, Product market

Publication Details

Pages:

58
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/148
Stock No:

1GRCEA2008002
ISBN:

9781451816303
ISSN:

1934-7685

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