## Greece: 2021 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, July 16, 2021_

## Source details

**Canonical URL:** [Greece: 2021 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2021/07/15/greece-2021-article-iv-consultation-press-release-and-staff-report-462201)

## Other formats

- [Markdown version](/en/publications/cr/issues/2021/07/15/greece-2021-article-iv-consultation-press-release-and-staff-report-462201/index.md)
- [Structured JSON version](/en/publications/cr/issues/2021/07/15/greece-2021-article-iv-consultation-press-release-and-staff-report-462201/index.json)
- [Bundle manifest](/en/publications/cr/issues/2021/07/15/greece-2021-article-iv-consultation-press-release-and-staff-report-462201/bundle-manifest.json)

## Bibliographic details
- Published: July 16, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513587837.002

---

### Economic performance and resilience
- The economy contracted by 8.2 percent in 2020.
- Greece entered the pandemic with an unfinished recovery but "demonstrated resilience in facing COVID-19."
- Contraction was "better than expected given Greece’s high dependence on tourism and pre-existing vulnerabilities."

### Fiscal response and public financing
- "The government provided among the largest on-budget fiscal stimuli in the euro zone."
- Financing conditions were "highly accommodative" supported by supervisory measures and ECB accommodation.

### Financial sector and monetary environment
- Supervisory and ECB accommodation "shielded the banking sector."
- Financing conditions remained "highly accommodative."

### Structural reforms and policy progress
- "Despite the pandemic, reforms progressed in a number of areas, albeit at a slower pace than in recent years."

### Subject areas and keywords (as listed on the page)
- Subject: COVID-19, Financial institutions, Fiscal policy, Health, International organization, Loans, Monetary policy, Public debt, Revenue administration, Tax administration core functions
- Keywords: COVID-19, Europe, General government financing requirement, Global, Hercules securitization strategy, IMF repayment capacity, liability positions vis-à-vis nonresident, Loans, money market rate, SDR million, Tax administration core functions

---

## Content in this bundle

- **1grcea2021001**
  - [1grcea2021001 (Markdown version)](/-/media/files/publications/cr/2021/english/1grcea2021001.pdf.md){rel="alternate" type="text/markdown"}
  - [1grcea2021001 (PDF)](/-/media/files/publications/cr/2021/english/1grcea2021001.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2021/07/15/greece-2021-article-iv-consultation-press-release-and-staff-report-462201_