Greece: 2021 Article IV Consultation-Press Release; and Staff Report

July 16, 2021

Preview Citation

Format: Chicago

Greece: 2021 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2021) accessed September 19, 2024

Summary

Greece entered the pandemic with an unfinished recovery, but the country has demonstrated resilience in facing COVID-19. The economy contracted by 8.2 percent in 2020, better than expected given Greece’s high dependence on tourism and pre-existing vulnerabilities. The government provided among the largest on-budget fiscal stimuli in the euro zone and supervisory and ECB accommodation shielded the banking sector and kept financing conditions highly accommodative. Despite the pandemic, reforms progressed in a number of areas, albeit at a slower pace than in recent years.

Subject: COVID-19, Financial institutions, Fiscal policy, Health, International organization, Loans, Monetary policy, Public debt, Revenue administration, Tax administration core functions

Keywords: COVID-19, Europe, General government financing requirement, Global, Hercules securitization strategy, IMF repayment capacity, Liability positions vis-à-vis nonresident, Loans, Money market rate, SDR million, Tax administration core functions

Publication Details

Pages:

94
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/154
Stock No:

1GRCEA2021001
ISBN:

9781513587837
ISSN:

1934-7685

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