IMF Staff Country Reports

Greece : First Review Under the Stand-By Arrangement

Author/Editor:

International Monetary Fund

Publication Date:

September 14, 2010

Electronic Access:

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Summary:

The recession is unfolding in line with expectations. Inflation is higher than expected from indirect tax hikes. The key challenges remain restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment. Staff and authorities agreed that nominal growth will be somewhat higher than originally anticipated. The government will facilitate private investment including through the privatization program. Stronger public financial management and especially tax administration are needed to mitigate risks. Advancing tax administration reform is a crucial priority to limit risks.

Series:

Country Report No. 10/286

Subject:

Announcements Banking sector Economic indicators Fiscal consolidation Fiscal policy Fiscal reforms Global competitiveness Governance Greece Labor market reforms Monetary policy Pension reforms Stand-by arrangement reviews Tax collection Tax policy