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Article IV Staff Reports

Financial Sector Assessment Program

Projected % Change
   2014  2015
Real GDP 0.6 2.9
Consumer Prices -0.4 0.3
Source: World Economic Outlook (April 2014)
Please refer to more recent PIN/Staff reports on this country for possible revisions.

IMF Resident Representative Office in Greece
ελληνικά

IMF and Euro Area

Greece: Financial Position in the Fund

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Greece and the IMF
Updated July 24, 2014

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IMF Survey Online
June 10, 2014 -- IMF Survey : Greece: Grounds for Cautious Optimism
Greece has made substantial progress on fiscal and external adjustment, and the economy is set to grow in 2014 after six years of recession, says Poul Thomsen, head of the IMF’s Greece team.
June 05, 2013 -- IMF Survey : Greece Makes Progress, But More Effort Needed to Restore Growth
Greece has made substantial progress in strengthening its fiscal position and increasing its competitiveness, but it still needs to plough on with structural reforms to boost growth and generate jobs, says the IMF’s mission chief for Greece.
January 18, 2013 -- IMF Survey: IMF Support for Greece Moves Ahead with €3.24 Billion Disbursement
In recent months, Greece has made impressive progress under the new coalition government in terms of restoring fiscal sustainability and agreeing labor market reforms that are providing a much needed boost to competitiveness.
January 17, 2013 -- IMF Survey : More Policy Work Ahead to Avoid Global Crisis Relapse
After avoiding economic collapse following the global financial crisis, policymakers have more work to do to and cannot revert to business as usual, IMF Managing Director Christine Lagarde says. She tells a Washington news conference that decision makers should focus on the real economy and on growth.
October 14, 2012 -- IMF Survey: Eurozone: Carrying Out Agreed Policies Can Help Restore Confidence
Europe remains a focus of efforts to restore confidence and revive the global economic recovery. In an interview, Director of the IMF’s European Department Reza Moghadam discusses the pressing challenges facing the euro area and outlines the Fund’s broader role in the region.
July 16, 2012 -- IMF Survey: Weak Global Recovery Depends on Progress in Europe and United States
An already sluggish global recovery shows signs of further weakness, mainly because of continuing financial problems in Europe and slower-than-expected growth in emerging economies, the IMF said in a regular update to the World Economic Outlook.
May 24, 2012 -- IMF Survey: Is Labor Compensation Still Falling in Advanced Economies?
A new IMF study finds that the share of national income received by labor has evolved quite differently across advanced economies since the start of the Great Recession, with the greatest losses observed in the United States, Greece, and Spain.
May 02, 2012 -- IMF Survey: IMF Opens Its Doors to Wider Dialogue
The crisis in the euro area, natural resources management, regulation of international capital flows, inclusive growth, and poverty reduction were front and center as the IMF heard from a cross-section of society.
April 24, 2012 -- IMF Survey: Tailored Approach to Debt and Growth Challenges in Europe’s Crisis Countries
A build-up of debt after joining the euro zone led three very different countries to the doors of the International Monetary Fund as the global economic crisis took its toll on the Greek, Irish, and Portuguese economies.
March 15, 2012 -- IMF Survey: IMF Board Approves €28 Billion Loan for Greece
The IMF approves a new €28 billion loan for Greece as part of the overall financing package agreed by Athens and its partners in the eurozone. The new loan will be made under the Extended Fund Facility, which is designed for countries seeking to address deep-seated structural weaknesses.
December 16, 2011 -- IMF Survey: Greece Needs Deeper Reforms to Overcome Crisis
Despite year-long efforts to revive the economy at the heart of Europe’s sovereign debt crisis, Greece remains mired in a deep recession. The economy is projected to shrink by about 6 percent in 2011, and unemployment has reached 16½ percent of the work force.
September 25, 2011 -- IMF Survey: Decisive Action Needed in Europe to Restore Confidence—IMF
The economic situation in Europe has deteriorated markedly in the past few months, and the economy is now experiencing a significant slowdown, Antonio Borges, the IMF’s Director for Europe, says.
July 22, 2011 -- IMF Survey: IMF Welcomes Agreement to Tackle Eurozone Crisis
IMF Managing Director Christine Lagarde welcomes the agreement by the leaders of the euro area on a comprehensive package of measures to help Greece overcome its sovereign debt crisis and improve the tools available to fight future crises.
July 15, 2011 -- IMF Survey: Greece: Reform Agenda Essential for Growth
Amid continued market turmoil in Europe, the IMF's Executive Board has approved the disbursement of about €3.2 billion to Greece. According to the IMF's assessment, while the program includes some very difficult measures, reforms have slowly started delivering results.
June 21, 2011 -- IMF Survey: Recovery Continues But Crisis Risk Remains, Says IMF
Europe’s economic recovery is broadly sound, but the sovereign debt crisis in parts of the euro area needs to be tackled before it causes trouble in the heart of Europe and spills over to the rest of the world, the IMF said in its latest assessment of the region’s future.
May 12, 2011 -- IMF Survey: Uneven Recovery, Debt Worries Cloud Europe's Outlook
The IMF is forecasting continued steady growth in Europe in its latest economic outlook for the region. But despite the recent strong performance in many euro area economies and in the region's emerging markets, worries about high debt levels and weak banks in some countries dominate.
April 17, 2011 -- IMF Survey: Solid Outlook for Europe But Debt, Banking Risks Remain
The overall outlook for Europe is positive but there are still significant risks to the recovery, according to Antonio Borges, Director of the IMF's European Department. "Many European countries are doing very well, in particular in Eastern Europe where there is strong growth," he said.
April 15, 2011 -- IMF Survey: IMF Support Helping Restore Growth but Key Risks Ahead
A new study finds that countries which sought financial support from the IMF in late 2008, after the failure of Lehman Brothers, are experiencing a return to growth. IMF financing helped countries stabilize their economies when their access to financial markets was seriously curtailed.
December 17, 2010 -- IMF Survey: Greek Economy at a Crossroads
The IMF's Executive Board approved December 17 the disbursement of about €2.5 billion to Greece as part of the three-year lending arrangement that was agreed in May 2010. The IMF loan is part of an international rescue package worth €110 billion.
November 23, 2010 -- IMF Survey: Greek Program Broadly on Track But Structural Reforms Remain
Teams from the European Commission, European Central Bank, and the IMF conclude that Greece’s economic reform program is broadly on track, paving the way for a €9 billion disbursement comprising €6.5 billion from euro area member states and €2.5 billion from the IMF.
May 11, 2010 -- IMF Survey: Europe Moving to Restore Growth and Sustainability
The European Stabilization Mechanism is helping underpin confidence in Europe after a period of financial market stress. While continued support for the recovery is needed, and evolving financial and sovereign risks need attention, this is also the time to re-establish sustainable policies.
May 11, 2010 -- IMF Survey: Europe Moving to Restore Growth and Sustainability
The European Stabilization Mechanism is helping underpin confidence in Europe, the IMF says in its latest regional outlook. While continued support for the recovery is needed, and evolving financial and sovereign risks need attention, this is also the time to re-establish sustainable policies.
May 11, 2010 -- IMF Survey: Romania: Delayed Recovery Now Expected
IMF Romania mission chief Jeffrey Franks discusses the impact of Greece’s debt crisis on Romania’s economy and its banking sector, the new austerity measures announced by the government, and needed steps to improve competitiveness. Recent European financial turmoil has heightened risks, Franks says.
May 11, 2010 -- IMF Survey: Agreed EU Support Model Boosts Confidence, Says IMF
The European Union’s new stabilization mechanism provides a template for future EU cooperation with the International Monetary Fund to help support troubled European economies, with Greece acting as a model for joint action, IMF officials said.
May 09, 2010 -- IMF Survey: IMF Approves €30 Bln Loan for Greece on Fast Track
The IMF approves a €30 billion three-year loan for Greece as part of a joint European Union-IMF €110 billion financing package to help the country ride out the debt crisis, revive growth, and modernize the economy.
May 02, 2010 -- IMF Survey: Europe and IMF Agree €110 Billion Financing Plan With Greece
Greece reached agreement with the International Monetary Fund, the European Commission and the European Central Bank on a focused program to stabilize its economy, become more competitive, and restore market confidence with support of a €110 billion financing package.
April 28, 2010 -- IMF Survey: IMF, EU Working With Greece on Swift Financing Accord
IMF Managing Director Strauss-Kahn says it is critical to reach agreement with Greece swiftly on a strong economic program and associated financing package and so restore market confidence. After talks in Berlin with German Chancellor Merkel he tells a news conference he is confident the situation will be fixed.
April 22, 2010 -- IMF Survey: World Must Now Focus on Financial Sector Reform, Says IMF
The international economy is recovering faster than expected from the global crisis, but the world remains a dangerous place and governments should now focus on stepping up reform of financial sector regulation to avoid future crises, says IMF Managing Director Dominique Strauss-Kahn.
December 28, 2009 -- IMF Survey: Multi-Speed Recovery Seen for Europe
As 2009 draws to a close, IMF European Department Director Marek Belka says that what is striking about Europe is how differently countries fared during the global crisis. These different points of departure will also make for a multi-speed recovery, Belka argues.