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

July 31, 2013

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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, (USA: International Monetary Fund, 2013) accessed September 20, 2024

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.

Subject: Arrears, Banking, Budget planning and preparation, Expenditure, External debt, Property tax, Public financial management (PFM), Revenue administration, Taxes

Keywords: Arrears, Authorities estimate, Budget planning and preparation, CR, Global, Governance, Government, IMF staff, ISCR, Omnibus bill, Property tax, Revenue administration of Internal Affairs, Staff appraisal, State gas company, Tax procedure code., Water tariff policy component

Publication Details

Pages:

207
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/241
Stock No:

1GRCEA2013006
ISBN:

9781484350911
ISSN:

1934-7685

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