Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria
IMF Staff Country Reports, July 13, 2011
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- Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria
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Bibliographic details
- Authors: Arrangement, Request
- Published: July 13, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781462300204.002
Background and Objectives
- Study conducted against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece.
- Focused on:
- Greece’s deeper medium-term policy needs.
- Identifying ways to replace the expected market financing.
- Structural reforms to strengthen competitiveness and help the country integrate into the euro area.
- Policies necessary to overcome recent inertia and deliver program objectives.
- Discussion of a memorandum of financial and economic policies.
Key Findings and Analysis
- Structural reforms are central to strengthening competitiveness and euro-area integration.
- The report discusses strategies for replacing expected market financing, acknowledging the financing gap facing Greece.
- Emphasis on overcoming policy inertia to deliver program objectives.
- The memorandum of financial and economic policies is examined as part of program implementation.
Policy Recommendations and Program Actions
- Undertake structural reforms to strengthen competitiveness.
- Specify and implement policies to overcome inertia and deliver program objectives.
- Identify and enact measures to replace expected market financing (detailed measures discussed in the full report).