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

IMF Staff Country Reports, June 10, 2014

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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

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Bibliographic details

• Published: June 10, 2014
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781498338196.002

Overview

• 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.
• 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.
• Publication date: June 10, 2014.

Key findings

• "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."

Policy analysis and implications

• Fiscal:
  • Strong improvement in cyclically adjusted fiscal position over four years.
  • Additional fiscal adjustment required to achieve debt sustainability.
• Structural reforms:
  • Progress has been made, but it is uneven across sectors.
  • Acceleration of liberalization in products and service markets is emphasized and welcomed.
• IMF staff position:
  • Supports completion of the fifth review conditional on reforms undertaken in the review and government policy commitments.

Subject coverage and keywords

• Subjects: 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.

Content in this bundle

• _cr14151 — IMF staff report
  • _cr14151 — IMF staff report (Markdown version)
  • _cr14151 — IMF staff report (PDF)