Greece: Stand-By Arrangement: Review Under the Emergency Financing Mechanism
July 16, 2010
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Greece has made a strong start with the program, but challenges also remain evident. The economic response to the program has yet to play out fully. Inflation is too high. Fiscal developments are encouraging, but risks need to be addressed. A strong pension reform is essential to bolster fiscal sustainability. Liquidity problems of banks and gradual solvency erosion require continued vigilance. Confidentiality considerations are complicating effective engagement of the Policy Support Instrument. The importance of strong reforms for future growth cannot be overestimated.
Subject: Banking, Budget planning and preparation, Credit, Expenditure, Labor, Money, Pension spending, Pensions, Public financial management (PFM), Wages
Keywords: accounts payable, Budget planning and preparation, common shares, CR, Credit, ECB bond market assistance, ECB liquidity assistance, ECB purchase, financing gap, fiscal policy, ISCR, operating income, Pension spending, preference shares, private sector, state budget, Wages
Pages:
31
Volume:
2010
DOI:
Issue:
217
Series:
Country Report No. 2010/217
Stock No:
1GRCEA2010003
ISBN:
9781455206919
ISSN:
1934-7685
