Greece: First Review Under the Stand-By Arrangement

International Monetary Fund

No 2010/286, IMF Staff Country Reports from International Monetary Fund

Abstract: The recession is unfolding in line with expectations. Inflation is higher than expected from indirect tax hikes. The key challenges remain restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment. Staff and authorities agreed that nominal growth will be somewhat higher than originally anticipated. The government will facilitate private investment including through the privatization program. Stronger public financial management and especially tax administration are needed to mitigate risks. Advancing tax administration reform is a crucial priority to limit risks.

Keywords: ISCR; CR; IMF mission; Stand-By Arrangement; financial asset; State budget; ECB mission; IMF staff calculation; fund staff projection; tax arrears collection; Budget planning and preparation; Pension spending; Credit; Europe (search for similar items in EconPapers)
Pages: 107
Date: 2010-09-14
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