## Greece: Request for Stand-By Arrangement

_IMF Staff Country Reports, May 12, 2010_

## Source details

**Canonical URL:** [Greece: Request for Stand-By Arrangement](https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-request-for-stand-by-arrangement-23840)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/greece-request-for-stand-by-arrangement-23840/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/greece-request-for-stand-by-arrangement-23840/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/greece-request-for-stand-by-arrangement-23840/bundle-manifest.json)

## Bibliographic details
- Authors: Arrangement Greek
- Published: May 12, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206902.002

---

### Economic overview
- Greek real GDP has declined by 2 percent in 2009.
- Indicators suggest that activity will weaken further in 2010.
- The economy needs a strong and sustained adjustment program to correct fiscal imbalances and place debt on a downward path in the medium term.

### Fiscal and market developments
- Deteriorating fiscal results led to downgrades of government bonds by rating agencies.
- Investors started backing out of Greek bonds, driving up their yields.
- Public debt dynamics are a key concern requiring medium-term correction.

### Financial sector pressures
- Impaired loans are rising.
- Borrowing costs in the interbank and wholesale markets have increased.
- Increased costs and rising impaired loans are putting pressure on bank profitability.

### Policy implications and program requirements
- A strong and sustained adjustment program is needed to:
  - Correct fiscal imbalances.
  - Place public debt on a downward path in the medium term.

---

## Content in this bundle

- **Greece: Request for Stand-By Arrangement; IMF Country Report 10/111; May 5, 2010.**
  - [Greece: Request for Stand-By Arrangement; IMF Country Report 10/111; May 5, 2010. (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10111.pdf.md){rel="alternate" type="text/markdown"}
  - [Greece: Request for Stand-By Arrangement; IMF Country Report 10/111; May 5, 2010. (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10111.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-request-for-stand-by-arrangement-23840_