Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement
IMF Staff Country Reports, June 5, 2013
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- Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement
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Bibliographic details
- Authors: Arrangement Greece
- Published: June 5, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484387894.002
Executive summary and key findings
- Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment.
- While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved.
- Program shortcomings identified:
- Lack of better tailoring of IMF lending policies.
- Undue delays in debt restructuring.
- Insufficient attention to the political economy of adjustment.
- Lack of parsimony in fiscal structural reforms.
- Executive Directors stressed:
- The importance of streamlining the Troika process.
- The importance of effective risk-sharing arrangements within the euro area.
Policy implications and recommendations (as presented)
- Tailor IMF lending policies more carefully to country circumstances.
- Avoid undue delays in debt restructuring to restore confidence sooner.
- Give greater attention to the political economy of adjustment measures.
- Pursue parsimony in designing fiscal structural reforms.
- Streamline multilateral program coordination mechanisms (Troika).
- Enhance risk-sharing arrangements within monetary unions to support program objectives.
Subject areas and keywords
- Subject: Asset and liability management, Debt restructuring, Expenditure, Pension spending, Public debt, Public sector wages, Revenue administration, Structural reforms
- Keywords: anti-evasion policy, cash reporting, CR, current account, Debt restructuring, effectiveness indicator, Europe, General government expenditure, Global, government interest expenditure, government saving, growth model, interest rate, ISCR, partner country authorities, Pension spending, personnel system, potential GDP, reform plan