{
  "title": "Greece: Selected Issues",
  "publication": "IMF Staff Country Reports, February 7, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/02/07/greece-selected-issues-44631",
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  "summary": "This Selected Issues paper analyzes insolvency and enforcement issues in Greece. The Greek insolvency and creditor rights framework has improved since the onset of the crisis as a result of successive reforms.",
  "publishDate": "2017-02-07",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The Selected Issues paper analyzes insolvency and enforcement issues in Greece.\n- The Greek insolvency and creditor rights framework has improved since the onset of the crisis as a result of successive reforms.\n- Nonetheless, the framework remains underutilized, fragmented, and distortive, and is not supported by an adequate institutional setting.\n- Many reforms undertaken in recent years were not part of a coordinated and comprehensive nonperforming loan resolution strategy, but were instead piecemeal and taken without proper stakeholder consultation and impact analysis.\n- Frequent and uncoordinated reforms have undermined legal predictability and certainty.\n- If left unaddressed, this situation of distress affects enterprises, households and financial and public creditors by preventing investment, credit, and consumption from recovering."
    },
    {
      "heading": "Key findings",
      "content": "- Improvements have occurred in the insolvency and creditor rights framework since the crisis, driven by successive reforms.\n- The framework remains:\n  - underutilized,\n  - fragmented,\n  - distortive,\n  - unsupported by an adequate institutional setting.\n- Reforms were often:\n  - piecemeal,\n  - implemented without proper stakeholder consultation,\n  - implemented without impact analysis,\n  - not part of a coordinated and comprehensive nonperforming loan resolution strategy.\n- Frequent and uncoordinated reforms have undermined legal predictability and certainty."
    },
    {
      "heading": "Consequences and risks",
      "content": "- Continued distress in the insolvency and enforcement framework risks:\n  - preventing investment from recovering,\n  - preventing credit from recovering,\n  - preventing consumption from recovering,\n  - adversely affecting enterprises, households, and financial and public creditors."
    },
    {
      "heading": "Implied policy directions (as indicated by the analysis)",
      "content": "- Establish a coordinated and comprehensive nonperforming loan resolution strategy.\n- Improve stakeholder consultation and conduct impact analysis prior to reforms.\n- Strengthen the institutional setting supporting insolvency and creditor rights.\n- Restore legal predictability and certainty by reducing frequent, uncoordinated reforms.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/02/07/greece-selected-issues-44631"
    }
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    "Published: February 7, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475575743.002",
    "The Selected Issues paper analyzes insolvency and enforcement issues in Greece.",
    "The Greek insolvency and creditor rights framework has improved since the onset of the crisis as a result of successive reforms.",
    "Nonetheless, the framework remains underutilized, fragmented, and distortive, and is not supported by an adequate institutional setting.",
    "Many reforms undertaken in recent years were not part of a coordinated and comprehensive nonperforming loan resolution strategy, but were instead piecemeal and taken without proper stakeholder consultation and impact analysis.",
    "Frequent and uncoordinated reforms have undermined legal predictability and certainty.",
    "If left unaddressed, this situation of distress affects enterprises, households and financial and public creditors by preventing investment, credit, and consumption from recovering.",
    "Improvements have occurred in the insolvency and creditor rights framework since the crisis, driven by successive reforms.",
    "The framework remains:",
    "Reforms were often:",
    "Frequent and uncoordinated reforms have undermined legal predictability and certainty.",
    "Continued distress in the insolvency and enforcement framework risks:",
    "Establish a coordinated and comprehensive nonperforming loan resolution strategy.",
    "Improve stakeholder consultation and conduct impact analysis prior to reforms.",
    "Strengthen the institutional setting supporting insolvency and creditor rights.",
    "Restore legal predictability and certainty by reducing frequent, uncoordinated reforms.",
    "**Country Report**"
  ],
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