Greece: Second Post-Program Monitoring Discussions-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Greece
November 30, 2020
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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.
Subject: Commercial banks, COVID-19, Credit, External debt, Financial institutions, Health, Interest payments, Loans, Nonperforming loans, Public debt
Keywords: Commercial banks, COVID-19, CR, Europe, Global, growth prospect, Interest payments, ISCR, Loans, staff recommendation, staff's growth, staff's projection, upgrade places Greece
Pages:
73
Volume:
2020
DOI:
Issue:
308
Series:
Country Report No. 2020/308
Stock No:
1GRCEA2020001
ISBN:
9781513562551
ISSN:
1934-7685
