IMF Staff Country Reports

Greece : Ex-Post Evaluation of Exceptional Access Under the 2012 Extended Arrangement-Press Release; Staff Report;and Statement by the Executive Director for Greece

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

February 7, 2017

Electronic Access:

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Summary:

In accordance with Fund policies, this report conducts an ex-post evaluation of a four-year exceptional access extended arrangement under the Extended Fund Facility (EFF) with Greece approved in March 2012. The Fund committed €28 billion under the extended arrangement (SDR 23.8 billion or 2,159 percent of Greece’s quota at the time), following the cancellation of the 2010–12 Stand-By Arrangement (SBA). The program was supported by Greece’s EU partners, who committed €144.7 billion. Significant private sector debt relief (€106 billion) was completed at the outset of the program and large official debt relief was provided as well. The Fund disbursed SDR 10.2 billion. Only five out of 16 program reviews were completed as the program went off track finally in mid-2014. The arrangement was cancelled in January 2016.

Series:

Country Report No. 17/44

Subject:

Banking sector Conditionality Debt restructuring Debt sustainability Ex post assessments Exceptional use of Fund resources Extended Fund Facility Fiscal policy Fiscal reforms Fund policies Greece Press releases Private sector