Greece: Request for Stand-By Arrangement

International Monetary Fund

No 2010/111, IMF Staff Country Reports from International Monetary Fund

Abstract: Greek real GDP has declined by 2 percent in 2009, and indicators suggest that activity will weaken further in 2010. With the deteriorating fiscal results came downgrades of government bonds by rating agencies, and investors started backing out of Greek bonds, driving up their yields. Impaired loans are rising while borrowing costs in the interbank and wholesale markets have increased, putting pressure on bank profitability. The economy needs a strong and sustained adjustment program to correct fiscal imbalances and place debt on a downward path in the medium term.

Keywords: ISCR; CR; government; State budget; financial asset; ECB staff; balance; government activity; ECB expert; budget expenditure; social security fund; Budget planning and preparation; Pension spending; Eastern Europe (search for similar items in EconPapers)
Pages: 80
Date: 2010-05-12
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Citations: View citations in EconPapers (17)

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