Greece: 2013 Article IV Consultation

June 5, 2013

Preview Citation

Format: Chicago

Greece: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed September 27, 2024

Summary

Fiscal expansion after euro accession led to a buildup of large economic imbalances, and a program to make fiscal policy and the fiscal and debt position sustainable was initiated. However, the program saw opposition from the outset and structural reforms stalled, which unsettled the investment climate. The Greek government’s determination to push ahead with reforms has seen progress in fiscal adjustment and perseverance of the financial sector. However, the social cost of the recession has been very high, and the current program can only succeed if policymakers address the root causes.

Subject: Banking, Credit, Financial institutions, Fiscal consolidation, Fiscal policy, Loans, Money, Public debt, Revenue administration, Structural reforms

Keywords: Authorities' official, CR, Credit, Debt data revision, Deficit, Europe, Fiscal consolidation, Fund staff, Global, Government, ISCR, Loans, Recession, Staff analysis, State lottery, Undue government interference

Publication Details

Pages:

69
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/154
Stock No:

1GRCEA2013003
ISBN:

9781484358511
ISSN:

1934-7685

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