Greece: First and Second Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Applicability, Modification of Performance Criteria, and Rephasing of Access--Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece.
January 18, 2013
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Greece’s deep recession has continued unabated, with the economy struggling to gain traction against domestic political instability and weak external conditions. Stronger internal devaluation is now under way, reflecting the interaction of labor market liberalization with the already weak labor market. Current account adjustment has accelerated, notwithstanding slow progress with structural reforms. The structural transformation of Greece’s economy continues to proceed at a slow pace, and this is making Greece’s adjustment more costly. Institutional reforms continued to disappoint during 2012, again complicating overall adjustment efforts.
Subject: Banking, Expenditure, Financial institutions, Labor, Loans, Public debt, Revenue administration
Keywords: advance bank recapitalization, authority, bank recapitalization framework, CR, Eastern Europe, Europe, government, government priority, Greece, ISCR, Loans, MEFP commitment, reform, Southern Europe, tax reform benchmark
Pages:
260
Volume:
2013
DOI:
Issue:
020
Series:
Country Report No. 2013/020
Stock No:
1GRCEA2013001
ISBN:
9781475573121
ISSN:
1934-7685
