IMF Staff Country Reports

Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for Waivers of Nonobservance of Performance Criteria; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece.

Publication Date:

December 9, 2011

Summary:

The Executive Board approved a three-year Stand-by Arrangement for Greece in the amount of SDR 26.4 billion. Purchases have been made at the time of approval and upon completion of each of the first four reviews. The authorities decided to promote a number of actions, including a further reduction in the public sector salaries, cuts in pensions, the creation of a labor reserve, significant tax expenditure reductions, and the introduction of a property tax. The authorities are accelerating the implementation of structural reforms aimed at promoting employment, investment, and market efficiency.

Series:

Country Report No. 2011/347

Subject:

Banking Budget planning and preparation Economic sectors Labor Privatization Public debt Public financial management (PFM) Revenue administration Structural reforms

Frequency:

Quarterly