Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for Waivers of Nonobservance of Performance Criteria; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece

International Monetary Fund

No 2011/347, IMF Staff Country Reports from International Monetary Fund

Abstract: The Executive Board approved a three-year Stand-by Arrangement for Greece in the amount of SDR 26.4 billion. Purchases have been made at the time of approval and upon completion of each of the first four reviews. The authorities decided to promote a number of actions, including a further reduction in the public sector salaries, cuts in pensions, the creation of a labor reserve, significant tax expenditure reductions, and the introduction of a property tax. The authorities are accelerating the implementation of structural reforms aimed at promoting employment, investment, and market efficiency.

Keywords: ISCR; CR; government; executive board chair; deficit; government program; privatization plan; government's privatization plan; government support; unity government; ECB liquidity; Budget planning and preparation; Privatization; Europe (search for similar items in EconPapers)
Pages: 162
Date: 2011-12-09
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