Greece : Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement

Publication Date: June 05, 2013
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Summary: Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved. The program lacked in better tailoring of IMF lending policies, avoiding undue delays in debt restructuring, attention to the political economy of adjustment, and parsimony in fiscal structural reforms. The importance of streamlining the Troika process and effective risk-sharing arrangements within the euro area has been stressed by Executive Directors.
Series: Country Report No. 13/156
Subject(s): Ex post assessments | Stand-by arrangements | Fiscal policy | Fiscal reforms | Banking sector | Greece

Publication Date: June 05, 2013
ISBN/ISSN: 9781484387894/1934-7685 Format: Paper
Stock No: 1GRCEA2013005 Pages: 51
US$18.00 (Academic Rate:
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