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Greece: Request for Extended Arrangement Under the Extended Fund Facility: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece

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  • International Monetary Fund

Abstract

This paper presents the staff report for Greece’s request for an Extended Arrangement under the Extended Fund Facility. The Greek economy fell into deep twin structural deficits after euro adoption. Easy access to financing at low interest rates fuelled rapid borrowing by the private and public sectors. Between euro accession in 2001 and 2009, private sector credit almost doubled in percent of GDP, financed mainly through the domestic banking system. Massive sovereign borrowing from international bond markets pushed government debt from 100 percent of GDP to about 130 percent of GDP during this timeframe.

Suggested Citation

  • International Monetary Fund, 2012. "Greece: Request for Extended Arrangement Under the Extended Fund Facility: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for ," IMF Staff Country Reports 2012/057, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2012/057
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=25781
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    Cited by:

    1. Dimitrios Doulos & Odysseus Katsaitis & George A. Zombanakis, 2021. "How to Make Butter out of Guns: The Turkish Case and the Greek Bitter Lesson," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 1055-1072.
    2. Charles-Henri DI MARIA & Chiara PERONI, 2012. "Unit labor cost and productivity recovery under non neutral technical change," LEO Working Papers / DR LEO 1734, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    3. Evangelos F. Magirou, 2013. "A note on the policy implications of the fiscal multiplier," Papers 1310.3083, arXiv.org.
    4. Gikas A. Hardouvelis & Ioannis Gkionis, 2016. "A Decade Long Economic Crisis: Cyprus versus Greece," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 10(2), pages 3-40, December.
    5. Daphne Nicolitsas, 2016. "Price Setting Practices In Greece: Evidence From A Small-Scale Firm-Level Survey," Bulletin of Economic Research, Wiley Blackwell, vol. 68(4), pages 367-382, October.
    6. Yu-Fu Chen & Michael Funke, 2017. "Greece’s Three-Act Tragedy: A Simple Model of Grexit vs. Staying Afloat inside the Single Currency Area," Open Economies Review, Springer, vol. 28(2), pages 297-318, April.
    7. Charles-Henri Dimaria, 2012. "Cannon Was Right But Incomplete: Frankel Was A Neglected Early Contribution To Growth Theory," Working Papers halshs-00826519, HAL.
    8. Myrto Tourtouri & Dimitris Pavlopoulos & Christos Papatheodorou, 2020. "Assessing the impact of liberalisation policies on the Greek labour market: an insider–experts' view from the perspective of the varieties of liberalisation," Industrial Relations Journal, Wiley Blackwell, vol. 51(6), pages 517-535, November.
    9. Francesco Franco & Julio Antonio Rocha Delgado & Suzana Camacho Monteiro & Pedro Castro e Silva, 2015. "Exchange rate pressure in Angola," FEUNL Working Paper Series novaf:wp1502, Universidade Nova de Lisboa, Faculdade de Economia.
    10. De Rosa, Donato & Iootty, Mariana & Pirlea, Florina & Aprahamian, Arabela & Stanescu, Alexandru, 2013. "Product market policies in Romania : a comparison with EU partners," Policy Research Working Paper Series 6698, The World Bank.
    11. Francesco Franco & Julio Antonio Rocha Delgado & Suzana Camacho Monteiro & Pedro Castro e Silva, 2015. "Exchange rate pressure in Angola," NOVAFRICA Working Paper Series wp1502, Universidade Nova de Lisboa, Nova School of Business and Economics, NOVAFRICA.

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