Greece: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Greece
IMF Staff Country Reports, May 2, 2008
Source details
- Canonical URL
- Greece: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Greece
Other formats
Bibliographic details
- Published: May 2, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451816303.002
Overview / Key findings
- The Greek economy showed strength supported by solid gains in employment, substantial real wage increases, low interest rates, and rapid credit expansion.
- Executive Directors appreciated the performance of the banking system and welcomed the Bank of Greece’s efforts to strengthen provisioning requirements and lending standards.
- Directors welcomed the balanced budget and product market reform and stressed the need to improve tax administration.
- Directors advised that sustained fiscal consolidation is helpful for safeguarding debt sustainability.
- Directors emphasized the need for a budget framework to guide fiscal strategy and prioritize policy objectives.
Economic performance
- Employment: "solid gains in employment" (qualitative finding as stated).
- Wages: "substantial real wage increases" (qualitative finding as stated).
- Interest rates: "low interest rates" (qualitative finding as stated).
- Credit: "rapid credit expansion" (qualitative finding as stated).
Banking and financial sector
- Banking system performance was appreciated by Executive Directors.
- Bank of Greece measures welcomed: efforts to strengthen provisioning requirements and lending standards.
Fiscal policy and public debt
- Directors welcomed the "balanced budget" and product market reform.
- Tax administration: "stressed the need to improve tax administration."
- Fiscal strategy: "sustained fiscal consolidation is helpful for safeguarding debt sustainability."
- Budget framework: "emphasized for a budget framework to guide fiscal strategy and prioritize policy objectives."
Content in this bundle
- _cr08148 - Executive Summary