IMF and Crisis Programs in the Euro Area

The IMF—facing unprecedented challenges in the Euro Zone and against the backdrop of the Lehman crisis—recognized early in its EU engagement that the high odds of spillovers to other vulnerable members of the currency union posed potentially severe regional and global systemic risks.

By providing substantial financial resources and supporting ambitious adjustment, IMF programs established a "global framework" that was ultimately successful in addressing the crisis by buying the time necessary to promote economic and financial measures and reforms that were necessary in the Euro Zone.

The IMF has examined many different aspects of the crisis and has learned operational and strategic lessons from events that unfolded six years ago that continue to substantially inform the IMF's work globally.

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Five Lessons from a Review of Recent Crisis Programs
July 11, 2016 - iMFdirect

Portugal's Post-Crisis Challenge
June 15, 2016 - roubini EconoMonitor

Greece: Past Critiques and the Path Forward
July 9, 2015 - iMFdirect

Greece: A Credible Deal Will Require Difficult Decisions By All Sides
June 14, 2015 - iMFdirect

The Logic and Fairness of Greece's Program
March 19, 2012 - iMFdirect

Crisis Program Review

IMF Assesses Its Experience with Crisis Programs
December 16, 2015 - IMF Survey Story

IMF Executive Board Concludes Review of Fund-supported Programs During Global Financial Crisis
December 16, 2015 - Press Release

Crisis Program Review
November 9, 2015 - IMF Policy Paper

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Dealing with Debt

Debt Sustainability Analysis for Market-Access Countries
May 6, 2016

IMF Reforms Policy for Exceptional Access Lending
January 29, 2016 - IMF Survey Story

The Fund's Lending Framework and Sovereign Debt-Further Considerations
April 9, 2015 - IMF Policy Paper

IMF Launches Discussion of Sovereign Debt Restructuring
May 23, 2013 - IMF Survey Story

Sovereign Debt Restructuring - Recent Developments and Implications for the Fund's Legal and Policy Framework
April 26, 2013 - IMF Policy Paper

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Ex Post Assessments

Ireland: Ex Post Evaluation of Exceptional Access Under the 2010 Extended Arrangement
January 29, 2015

Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement
June 5, 2013

Latvia: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement
January 28, 2013

Iceland: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-by Arrangement
April 12, 2012

Hungary: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement
June 21, 2011


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Ireland—Lessons from Its Recovery from the Bank-Sovereign Loop
January 19, 2015 - Dublin


Latvia's Successful Recovery Not Easy to Replicate
June 11, 2012 - IMF Survey Story
Latvia and the Baltics—a Story of Recovery, By Christine Lagarde, Managing Director
June 5, 2012 - Riga
Latvia: Against the Odds: Lessons from the Recovery in The Baltics
June 5, 2012 - Riga
Latvia Emerges Stronger As International Support Winds Down
February 07, 2012 - IMF Survey Story


Iceland's Unorthodox Policies Suggest Alternative Way Out of Crisis
November 3, 2011 - IMF Survey Story
Iceland's Recovery—Lessons and Challenges
October 27, 2011 - Reykjavík
How Iceland Recovered from its Near-Death Experience
October 26, 2011 - iMFdirect Blog
Iceland's Recovery: Can the Lessons Be Applied Elsewhere?
October 24, 2011

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The IMF and Europe
March 23, 2016