Greece: First and Second Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Applicability, Modification of Performance Criteria, and Rephasing of Access--Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece

IMF Staff Country Reports, January 18, 2013

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Canonical URL: Greece: First and Second Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Applicability, Modification of Performance Criteria, and Rephasing of Access--Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece

Greece’s deep recession has continued unabated, with the economy struggling to gain traction against domestic political instability and weak external conditions.
Stronger internal devaluation is now under way, reflecting the interaction of labor market liberalization with the already weak labor market.
Current account adjustment has accelerated, notwithstanding slow progress with structural reforms.
The structural transformation of Greece’s economy continues to proceed at a slow pace, and this is making Greece’s adjustment more costly.
Institutional reforms continued to disappoint during 2012, again complicating overall adjustment efforts.

Persistent deep recession driven by domestic political instability and weak external conditions.
Evidence of stronger internal devaluation linked to labor market liberalization interacting with an already weak labor market.
Accelerated current account adjustment despite slow structural reform progress.
Slow structural transformation increasing the cost of adjustment.
Disappointing institutional reform implementation in 2012, complicating adjustment.

_cr1320 — IMF staff report
- _cr1320 — IMF staff report (Markdown version)
- _cr1320 — IMF staff report (PDF)