Greece: First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Greece

March 12, 2019

Preview Citation

Format: Chicago

Greece: First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Greece, (USA: International Monetary Fund, 2019) accessed December 22, 2024

Summary

This paper discusses Greece’s First Post-Program Monitoring discussions. The economic recovery in Greece is accelerating and broadening. Growth and job creation in Greece are expected to accelerate further in 2019. However, vulnerabilities remain significant and downside risks are rising. Policies to promote stronger growth and strengthen the economy’s resilience were the focus of the discussions. The discussion report emphasises on the importance of enhancing labor market flexibility and boosting productivity and competitiveness. Greece should reconsider recent changes in collective bargaining policies and press ahead with its unfinished reform agenda. This would also help mitigate any negative effects on competitiveness and employment from rising wage pressures. Speeding up efforts to clean up bank balance sheets, restore lending, and improve Greece’s weak payment culture is also of prime importance. Medium-term public debt repayment capacity remains robust, but subject to rising risks amid still significant vulnerabilities.

Subject: Banking, Credit, Financial institutions, Fiscal policy, Fiscal risks, Loans, Money, Public debt, Public financial management (PFM)

Keywords: Adjustment program, Agency, CR, Credit, ELA funding, Financing profile, Fiscal risks, Global, Greece's rating, Growth momentum, ISCR, Loans, Rating, Rating agency, State liquidity

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/073
Stock No:

1GRCEA2019001
ISBN:

9781498302579
ISSN:

1934-7685

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