Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for Waivers of Nonobservance of Performance Criteria; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece.

December 9, 2011

Preview Citation

Format: Chicago

Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for Waivers of Nonobservance of Performance Criteria; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece., (USA: International Monetary Fund, 2011) accessed September 19, 2024

Summary

The Executive Board approved a three-year Stand-by Arrangement for Greece in the amount of SDR 26.4 billion. Purchases have been made at the time of approval and upon completion of each of the first four reviews. The authorities decided to promote a number of actions, including a further reduction in the public sector salaries, cuts in pensions, the creation of a labor reserve, significant tax expenditure reductions, and the introduction of a property tax. The authorities are accelerating the implementation of structural reforms aimed at promoting employment, investment, and market efficiency.

Subject: Banking, Budget planning and preparation, Economic sectors, Labor, Privatization, Public debt, Public financial management (PFM), Revenue administration, Structural reforms

Keywords: Budget planning and preparation, CR, Deficit, ECB liquidity, Europe, Executive board chair, Government, Government program, Government support, Government's privatization plan, ISCR, Privatization, Privatization plan, Unity government

Publication Details

Pages:

162
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/347
Stock No:

1GRCEA2011004
ISBN:

9781463929268
ISSN:

1934-7685

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