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Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement

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  • International Monetary Fund

Abstract

Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved. The program lacked in better tailoring of IMF lending policies, avoiding undue delays in debt restructuring, attention to the political economy of adjustment, and parsimony in fiscal structural reforms. The importance of streamlining the Troika process and effective risk-sharing arrangements within the euro area has been stressed by Executive Directors.

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  • International Monetary Fund, 2013. "Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement," IMF Staff Country Reports 2013/156, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/156
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    1. Jeromin Zettelmeyer & Christoph Trebesch & Mitu Gulati, 2013. "The Greek debt restructuring: an autopsy [Greek bond buyback boondoggle]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 28(75), pages 513-563.
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    Cited by:

    1. Carmen M. Reinhart & Christoph Trebesch, 2016. "The International Monetary Fund: 70 Years of Reinvention," Journal of Economic Perspectives, American Economic Association, vol. 30(1), pages 3-28, Winter.
    2. Michael G. Arghyrou, 2014. "Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy," CESifo Working Paper Series 4995, CESifo.
    3. Nick Drydakis, 2022. "Sexual orientation discrimination in the labor market against gay men," Review of Economics of the Household, Springer, vol. 20(3), pages 1027-1058, September.
    4. Michal Moszynski, 2015. "Ordoliberalism And The Macroeconomic Policy In The Face Of The Euro Crisis," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 10(4), pages 41-58, December.
    5. C. Randall Henning, 2017. "Avoiding Fragmentation of Global Financial Governance," Global Policy, London School of Economics and Political Science, vol. 8(1), pages 101-106, February.
    6. Vasil S. Petkov, 2014. "Advantages and Disadvantages of Fiscal Discipline in Bulgaria in Times of Crisis," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 8(1), March.
    7. Olivier J Blanchard & Daniel Leigh, 2014. "Learning about Fiscal Multipliers from Growth Forecast Errors," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 62(2), pages 179-212, June.
    8. Ansgar Belke, 2014. "Monetary dialogue 2009–2014: Looking backward, looking forward," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 49(4), pages 204-211, July.
    9. repec:zbw:rwirep:0477 is not listed on IDEAS
    10. Plehwe, Dieter & Neujeffski, Moritz & Krämer, Werner, 2018. "Saving the dangerous idea: austerity think tank networks in the European Union," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 37(2), pages 188-205.
    11. Anna Gelpern, 2014. "Debt Sanctions Can Help Ukraine and Fill a Gap in the International Financial System," Policy Briefs PB14-20, Peterson Institute for International Economics.
    12. Theodore Katsanevas, 2016. "The debt trap of the Greek economy and the way out," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 19-35.
    13. Pablo G. Bortz, 2015. "The Greek "Rescue": Where Did the Money Go? An Analysis," Working Papers Series 29, Institute for New Economic Thinking.
    14. Yiannis Kitromilides, 2016. "The Conundrum of Greece and the Eurozone: Puzzles, Paradoxes and Contradictions," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(2), pages 175-194, April.
    15. Drydakis, Nick, 2015. "The effect of unemployment on self-reported health and mental health in Greece from 2008 to 2013: A longitudinal study before and during the financial crisis," Social Science & Medicine, Elsevier, vol. 128(C), pages 43-51.
    16. Mavrozacharakis, Emmanouil, 2015. "Zum politischen Machtwechsel in Griechenland. Die Parlamentswahlen von Januar 2015 aus einem kritischen Blickwinkel [The political Change in Greece. The parliamentary elections in January 2015 in a," MPRA Paper 62396, University Library of Munich, Germany.
    17. Michael W. Bauer & Stefan Becker, 2014. "Debate: From the front line to the back stage-how the financial crisis has quietly strengthened the European Commission," Public Money & Management, Taylor & Francis Journals, vol. 34(3), pages 161-163, May.
    18. Zachary Kramer, 2019. "Fiscal Sovereignty under EU Crisis Management: A Comparison of Greece and Hungary," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(4), pages 595-624, December.
    19. Papaioannou, Elias & Karatza, Stavroula, 2018. "The Greek Justice System: Collapse and Reform," CEPR Discussion Papers 12731, C.E.P.R. Discussion Papers.
    20. Benjamin Carton & Karine Hervé, 2013. "Is There any Rebalancing in the Euro Area?," Working Papers 2013-32, CEPII research center.
    21. Yannis M. Ioannides, 2015. "Why Productivity Enhancing Reforms Will Help Greece Exit the Crisis and Usher in Long Run Growth," Discussion Papers Series, Department of Economics, Tufts University 0807, Department of Economics, Tufts University.
    22. Angel Ubide, 2013. "How to Form a More Perfect European Banking Union," Policy Briefs PB13-23, Peterson Institute for International Economics.
    23. Ansgar Belke, 2014. "Monetary Dialogue 2009-2014 – Looking Backward, Looking Forward," Ruhr Economic Papers 0477, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    24. Mr. Alexander Culiuc & Ms. Annette J Kyobe, 2017. "Structural Reforms and External Rebalancing," IMF Working Papers 2017/182, International Monetary Fund.
    25. Michael G. Arghyrou, 2015. "The Greek Crisis and Financial Assistance Programmes: An Evaluation," CESifo Working Paper Series 5591, CESifo.

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