Greece : Ex-Post Evaluation of Exceptional Access Under the 2012 Extended Arrangement-Press Release; Staff Report;and Statement by the Executive Director for Greece

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

February 7, 2017

Electronic Access:

Free Full Text (PDF file size is 1401 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

In accordance with Fund policies, this report conducts an ex-post evaluation of a four-year exceptional access extended arrangement under the Extended Fund Facility (EFF) with Greece approved in March 2012. The Fund committed €28 billion under the extended arrangement (SDR 23.8 billion or 2,159 percent of Greece’s quota at the time), following the cancellation of the 2010–12 Stand-By Arrangement (SBA). The program was supported by Greece’s EU partners, who committed €144.7 billion. Significant private sector debt relief (€106 billion) was completed at the outset of the program and large official debt relief was provided as well. The Fund disbursed SDR 10.2 billion. Only five out of 16 program reviews were completed as the program went off track finally in mid-2014. The arrangement was cancelled in January 2016.

Series:

Country Report No. 17/44

Subject:

English

Publication Date:

February 7, 2017

ISBN/ISSN:

9781475576252/1934-7685

Stock No:

1GRCEA2017003

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

76

Please address any questions about this title to publications@imf.org