{
  "title": "Greece: 2018 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Greece",
  "publication": "IMF Staff Country Reports, July 31, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/07/31/greece-2018-article-iv-consultation-and-proposal-for-post-program-monitoring-press-release-46138",
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  "summary": "Greece has stabilized its economy and begun to grow. The authorities deserve credit for largely eliminating macroeconomic imbalances, including via a significant fiscal adjustment, and for many other reforms undertaken in recent years.",
  "sections": [
    {
      "heading": "Economic stabilization and growth",
      "content": "- Greece \"has stabilized its economy and begun to grow.\"\n- European partners provided significant support, including a final loan disbursement under the ESM program and additional debt relief.\n- Country exiting the program era in August."
    },
    {
      "heading": "Remaining crisis legacies and risks to prospects",
      "content": "- High public debt.\n- Weak bank balance sheets.\n- Reliance on capital controls and emergency liquidity assistance.\n- Worrisome social indicators, including still-high unemployment.\n- These factors \"all weigh on growth and social cohesion.\""
    },
    {
      "heading": "Fiscal adjustment and public finances",
      "content": "- Fiscal adjustment described as \"significant\" and \"sizable.\"\n- Adjustment has relied on:\n  - Distortionary high tax rates on still-narrow bases.\n  - Growth-detrimental discretionary spending cuts.\n- Efforts to bring down tax and spending arrears have been met with limited success."
    },
    {
      "heading": "Banking and credit",
      "content": "- Bank credit \"continues to shrink.\"\n- Banks characterized by weak balance sheets and reliance on emergency liquidity assistance."
    },
    {
      "heading": "Social outcomes and poverty risk",
      "content": "- Social spending is \"better targeted,\" but:\n  - Many social needs remain unmet.\n  - The risk of poverty remains high.\n  - Unemployment remains \"still-high.\""
    },
    {
      "heading": "Structural reforms and competitiveness",
      "content": "- Structural reform efforts have been \"significant\" but \"fallen wellshort of what is needed.\"\n- Competitiveness indicators remain below the Euro Area average.\n- \"The planned reversal of reforms to the collective bargaining framework risks undoing previous gains in competitiveness.\""
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: July 31, 2018\n- Pages: 83\n- Volume: 2018\n- Issue: 248\n- Series: Country Report No. 2018/248\n- DOI: https://doi.org/10.5089/9781484371817.002\n- Stock No: 1GRCEA2018001\n- ISBN: 9781484371817\n- ISSN: 1934-7685\n- Subjects: Asset and liability management, Banking, Credit, Debt relief, Fiscal policy, Fiscal stance, Money, Public debt, Tax administration core functions\n- Keywords: article IV report, baseline scenario of the IMF, CR, Credit, Debt relief, economy, Fiscal stance, Global, goods trade balance statistics, IMF's view, ISCR, liability positions vis-à-vis nonresident, market, SDR million, surplus, tax authority\n\nInternational Monetary Fund. Greece: 2018 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Greece (IMF Staff Country Reports 2018, 248).\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\"}"
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    "Published: July 31, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484371817.002",
    "Greece \"has stabilized its economy and begun to grow.\"",
    "European partners provided significant support, including a final loan disbursement under the ESM program and additional debt relief.",
    "Country exiting the program era in August.",
    "High public debt.",
    "Weak bank balance sheets.",
    "Reliance on capital controls and emergency liquidity assistance.",
    "Worrisome social indicators, including still-high unemployment.",
    "These factors \"all weigh on growth and social cohesion.\"",
    "Fiscal adjustment described as \"significant\" and \"sizable.\"",
    "Adjustment has relied on:",
    "Efforts to bring down tax and spending arrears have been met with limited success.",
    "Bank credit \"continues to shrink.\"",
    "Banks characterized by weak balance sheets and reliance on emergency liquidity assistance.",
    "Social spending is \"better targeted,\" but:",
    "Structural reform efforts have been \"significant\" but \"fallen wellshort of what is needed.\"",
    "Competitiveness indicators remain below the Euro Area average.",
    "\"The planned reversal of reforms to the collective bargaining framework risks undoing previous gains in competitiveness.\"",
    "Publication date: July 31, 2018",
    "Pages: 83",
    "Volume: 2018",
    "Issue: 248",
    "Series: Country Report No. 2018/248",
    "DOI: https://doi.org/10.5089/9781484371817.002",
    "Stock No: 1GRCEA2018001",
    "ISBN: 9781484371817",
    "ISSN: 1934-7685",
    "Subjects: Asset and liability management, Banking, Credit, Debt relief, Fiscal policy, Fiscal stance, Money, Public debt, Tax administration core functions",
    "Keywords: article IV report, baseline scenario of the IMF, CR, Credit, Debt relief, economy, Fiscal stance, Global, goods trade balance statistics, IMF's view, ISCR, liability positions vis-à-vis nonresident, market, SDR million, surplus, tax authority",
    "**Country Report**"
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