Greece: Request for Stand-By Arrangement

May 12, 2010

Preview Citation

Format: Chicago

Greece: Request for Stand-By Arrangement, (USA: International Monetary Fund, 2010) accessed November 25, 2024

Summary

Greek real GDP has declined by 2 percent in 2009, and indicators suggest that activity will weaken further in 2010. With the deteriorating fiscal results came downgrades of government bonds by rating agencies, and investors started backing out of Greek bonds, driving up their yields. Impaired loans are rising while borrowing costs in the interbank and wholesale markets have increased, putting pressure on bank profitability. The economy needs a strong and sustained adjustment program to correct fiscal imbalances and place debt on a downward path in the medium term.

Subject: Budget planning and preparation, Expenditure, Fiscal governance, Fiscal policy, Pension spending, Public debt, Public financial management (PFM)

Keywords: Balance, Budget expenditure, Budget planning and preparation, CR, Eastern Europe, ECB expert, ECB staff, Financial asset, Government, Government activity, ISCR, Pension spending, Social security fund, State budget

Publication Details

Pages:

80
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/111
Stock No:

1GRCEA2010002
ISBN:

9781455206902
ISSN:

1934-7685

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