Greece : Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece

 
 
Publication Date: July 31, 2013
 
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Summary: This paper discusses Greece’s Fourth Review Under the Extended Arrangement under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion. The economy is rebalancing, but it continues to do so through recession, not productivity-enhancing structural reform. Domestic demand continues to fall albeit at a moderating pace, and import compression has resulted in a further shrinking of the current account deficit. The large output gap and high unemployment rate are exerting downward pressure on wages, and the competitiveness gap in unit labor cost terms has narrowed further. Product prices are also easing. Sentiment indicators have improved, but the political crisis has had a dampening effect.
 
Series: Country Report No. 13/241
Subject(s): Extended arrangement reviews | Fiscal policy | Budgets | Debt sustainability | Banking sector | Bank restructuring | Economic indicators | Extended Fund Facility | Staff Reports | Press releases | Performance criteria waivers | Performance criteria modifications | Greece

 
English
Publication Date: July 31, 2013
ISBN/ISSN: 9781484350911/1934-7685 Format: Paper
Stock No: 1GRCEA2013006 Pages: 207
Price:
US$18.00 (Academic Rate:
US$18.00 )
 
 
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