## Greece: Staff Report on Request for Stand-By Arrangement

_IMF Staff Country Reports, May 10, 2010_

## Source details

**Canonical URL:** [Greece: Staff Report on Request for Stand-By Arrangement](https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-staff-report-on-request-for-stand-by-arrangement-23839)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/greece-staff-report-on-request-for-stand-by-arrangement-23839/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/greece-staff-report-on-request-for-stand-by-arrangement-23839/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/greece-staff-report-on-request-for-stand-by-arrangement-23839/bundle-manifest.json)

## Bibliographic details
- Authors: Arrangement The Greek
- Published: May 10, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206896.002

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### Summary
- The Greek economy is teetering owing to heavy public debt and loss of market access.
- Greece is adopting an ambitious comprehensive multiyear adjustment program to:
  - lower the fiscal deficit and the debt ratio,
  - reduce domestic demand in line with capacity,
  - increase supply and competitiveness so that the economy can step onto a higher growth path led by investments and exports.
- Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio.

### Major findings and analysis
- Heavy public debt and loss of market access are central risks to the Greek economy.
- A comprehensive multiyear adjustment program is presented as the instrument to restore fiscal sustainability and competitiveness.
- The program emphasizes simultaneous fiscal consolidation (to lower the fiscal deficit and debt ratio) and structural reforms (to increase supply and competitiveness).

### Policy recommendations and program objectives
- Implement a strong and sustained adjustment program to:
  - substantially lower the fiscal deficit,
  - create the basis for a declining debt ratio.
- Align domestic demand with productive capacity through demand-reducing measures.
- Foster a higher growth path led by investments and exports by increasing supply and competitiveness.

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## Content in this bundle

- **Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010.**
  - [Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010. (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10110.pdf.md){rel="alternate" type="text/markdown"}
  - [Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010. (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10110.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-staff-report-on-request-for-stand-by-arrangement-23839_