Greece: 2021 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, July 16, 2021
Source details
- Canonical URL
- Greece: 2021 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: July 16, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513587837.002
Economic performance and resilience
- The economy contracted by 8.2 percent in 2020.
- Greece entered the pandemic with an unfinished recovery but "demonstrated resilience in facing COVID-19."
- Contraction was "better than expected given Greece’s high dependence on tourism and pre-existing vulnerabilities."
Fiscal response and public financing
- "The government provided among the largest on-budget fiscal stimuli in the euro zone."
- Financing conditions were "highly accommodative" supported by supervisory measures and ECB accommodation.
Financial sector and monetary environment
- Supervisory and ECB accommodation "shielded the banking sector."
- Financing conditions remained "highly accommodative."
Structural reforms and policy progress
- "Despite the pandemic, reforms progressed in a number of areas, albeit at a slower pace than in recent years."
Subject areas and keywords (as listed on the page)
- Subject: COVID-19, Financial institutions, Fiscal policy, Health, International organization, Loans, Monetary policy, Public debt, Revenue administration, Tax administration core functions
- Keywords: COVID-19, Europe, General government financing requirement, Global, Hercules securitization strategy, IMF repayment capacity, liability positions vis-à-vis nonresident, Loans, money market rate, SDR million, Tax administration core functions
Content in this bundle
- 1grcea2021001