Greece: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece

International Monetary Fund

No 2013/241, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Greece’s Fourth Review Under the Extended Arrangement under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion. The economy is rebalancing, but it continues to do so through recession, not productivity-enhancing structural reform. Domestic demand continues to fall albeit at a moderating pace, and import compression has resulted in a further shrinking of the current account deficit. The large output gap and high unemployment rate are exerting downward pressure on wages, and the competitiveness gap in unit labor cost terms has narrowed further. Product prices are also easing. Sentiment indicators have improved, but the political crisis has had a dampening effect.

Keywords: ISCR; CR; government; IMF staff; governance; tax procedure code.; water tariff policy component; staff appraisal; omnibus bill; authorities estimate; revenue administration of Internal Affairs; state gas company; Budget planning and preparation; Property tax; Arrears; Global (search for similar items in EconPapers)
Pages: 207
Date: 2013-07-31
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