Greece: 2013 Article IV Consultation

International Monetary Fund

No 2013/154, IMF Staff Country Reports from International Monetary Fund

Abstract: Fiscal expansion after euro accession led to a buildup of large economic imbalances, and a program to make fiscal policy and the fiscal and debt position sustainable was initiated. However, the program saw opposition from the outset and structural reforms stalled, which unsettled the investment climate. The Greek government’s determination to push ahead with reforms has seen progress in fiscal adjustment and perseverance of the financial sector. However, the social cost of the recession has been very high, and the current program can only succeed if policymakers address the root causes.

Keywords: ISCR; CR; government; debt data revision; State lottery; deficit; recession; undue government interference; staff analysis; authorities' official; fund staff; Fiscal consolidation; Credit; Loans; Europe; Global (search for similar items in EconPapers)
Pages: 69
Date: 2013-06-05
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Citations: View citations in EconPapers (3)

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