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Greece

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  • International Monetary Fund. European Dept.
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    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=40838
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 13/241.

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    Length: 207
    Date of creation: 31 Jul 2013
    Date of revision:
    Handle: RePEc:imf:imfscr:13/241

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    Related research

    Keywords: Extended arrangement reviews; Fiscal policy; Budgets; Debt sustainability; Banking sector; Bank restructuring; Economic indicators; Extended Fund Facility; Staff Reports; Press releases; Performance criteria waivers; Performance criteria modifications; Greece;

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