Greece : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

November 15, 2019

Electronic Access:

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Summary:

Greece’s economic recovery continues, but it has fallen far short of expectations. The new government elected in July has pledged to follow pro-growth policies while honoring fiscal and structural policy commitments to Euro Area (EA) member states, but its ability to overcome vested interests has yet to be tested. Public debt is projected to trend down over the next decade, though long-term sustainability is not assured under realistic macro-fiscal assumptions. Still-weak bank balance sheets act as a drag on growth prospects and pose significant fiscal and financial stability risks. These and other factors leave Greece vulnerable to a range of external and domestic shocks. Greece owes the Fund SDR 6.7 billion and is under Post-Program Monitoring (PPM). The authorities have asked the European Institutions (EIs) for approval to prepay the portion (SDR 2.2 billion) that is subject to surcharges.

Series:

Country Report No. 19/340

English

Publication Date:

November 15, 2019

ISBN/ISSN:

9781513520209/1934-7685

Stock No:

1GRCEA2019002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

83

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