IMF Staff Country Reports

Greece: Second Post-Program Monitoring Discussions-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Greece

Publication Date:

November 30, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The pandemic interrupted a modest recovery. Following Greece’s early and strict containment measures, GDP contracted by 7.9 percent in 2020H1, slightly worse than the Euro Area (EA) unweighted average excluding Luxembourg. A further hit is expected in Q3, the peak of Greece’s tourism season. The fiscal response to the pandemic has been wellorganized and has mitigated its impact, while Single Supervisory Mechanism (SSM) accommodation will delay the expected hit on banks, which were already vulnerable pre- COVID-19. In the context of the 2019 Article IV Consultation (November 2019), staff assessed that Greece’s public debt is sustainable over the medium-term but its long-term public debt sustainability is not assured under a realistic set of macro-fiscal assumptions.

Series:

Country Report No. 2020/308

Subject:

Commercial banks COVID-19 Credit External debt Financial institutions Health Interest payments Loans Nonperforming loans Public debt

Frequency:

regular