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Greece: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper analyzes insolvency and enforcement issues in Greece. The Greek insolvency and creditor rights framework has improved since the onset of the crisis as a result of successive reforms. Nonetheless, it remains underutilized, fragmented, and distortive, and is not supported by an adequate institutional setting. This is because many of the reforms undertaken in recent years were not part of a coordinated and comprehensive nonperforming loan resolution strategy, but were instead piecemeal and taken without proper stakeholder consultation and impact analysis. Also, the frequent and uncoordinated reforms have undermined legal predictability and certainty. This situation of distress, if left unaddressed, affects enterprises, households and financial and public creditors by preventing investment, credit, and consumption from recovering.

Suggested Citation

  • International Monetary Fund, 2017. "Greece: Selected Issues," IMF Staff Country Reports 2017/041, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2017/041
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=44631
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    Cited by:

    1. Persefoni Zeri & Charalambos Tsekeris & Theodore Tsekeris, 2018. "Investigating the Macedonia Naming Dispute in the Twitter Era: Implications for the Greek Identity Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 127, Hellenic Observatory, LSE.
    2. Lyberaki, Antigone & Tinios, Platon, 2018. "Long-term care, ageing and gender in the Greek crisis," LSE Research Online Documents on Economics 90299, London School of Economics and Political Science, LSE Library.

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