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

International Monetary Fund

No 2013/156, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; General government expenditure; partner country authorities; reform plan; anti-evasion policy; current account; interest rate; personnel system; government interest expenditure; cash reporting; growth model; potential GDP; government saving; effectiveness indicator; Debt restructuring; Pension spending; Global; Europe (search for similar items in EconPapers)
Pages: 51
Date: 2013-06-05
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Citations: View citations in EconPapers (29)

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