Greece : Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. European Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2014/151

IMF Staff Country Reports

Language:

English

Subjects (All):

Economic development--Greece.

Economic development.

Economic indicators--Greece.

Economic indicators.

Greece--Economic conditions.

Greece.

Greece--Economic policy.

Physical Description:

1 online resource (227 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2014.

Language Note:

English

Summary:

This paper discusses Greece’s Fifth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF), and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access. Greece has gone from having the weakest to the strongest cyclically adjusted fiscal position within the euro area in just four years. But more fiscal adjustment is needed to restore debt sustainability. Structural reforms are progressing, although unevenly. The redoubling of efforts to liberalize products and service markets are much welcomed. On the basis of reforms undertaken in the context of this review, and the government’s policy commitments going forward, the IMF staff supports the completion of the fifth review.

Contents:

Cover; CONTENTS; CONTEXT; RECENT DEVELOPMENTS; DISCUSSIONS; A. Outlook; B. Economic Policies; PROGRAM MODALITIES; STAFF APPRAISAL; BOXES; 1. Magnitude and Quality of Greece's Fiscal Adjustment; 2. Stress Test; 3. Findings of Privatization Review; 4. Exceptional Access Criteria; FIGURES; 1. Demand Indicators, 2007-14; 2. Supply Indicators, 2007-14; 3. Labor Market Developments, 2007-13; 4. Inflation Developments, 2005-14; 5. Major Components of Tradeables and Nontradeables in HICP Inflation, 2007-14; 6. Competitiveness Indicators, 2005-14; 7. Balance of Payments, 2005-14

8. Revenue and Expenditure Trends, 2000-139. Financial Indicators, 2007-14; 10. Money and Banking Developments, 2007-14; 11. Household Balance Sheet, 2007-14; 12. Corporations' Balance Sheet, 2005-14; TABLES; 1. Selected Economic Indicators, 2010-15; 2. Summary of Balance of Payments, 2011-19; 3. General Government Operations, 2011-17; 4. Modified General Government Cash Balance, 2012-17; 5. General Government: Statement of Operations (GFSM 2001, flows), 2011-16; 6. Monetary Survey, 2011-15; 7. Monetary Financial Institutions (excl. BoG)-Uses and Sources of Funds, 2011-16

8. Core Set of Financial Soundness Indicators for Deposit-Taking Institutions, 2009-139. Financial Balance Sheet (GFSM 2001, stocks), 2010-13; 10. Implementation of Structural Reforms; 11. Medium-Term Macro Framework, 2012-19; 12. Selected Structural Reforms Ahead, 2014; 13. Schedule of Proposed Purchases under the Extended Arrangement, 2012-16; 14. State Government Financing Requirements and Sources, 2013-16; 15. External Financing Requirements and Sources, 2011-19; 16. Indicators of Fund Credit, 2012-26; ANNEX; I. Debt Sustainability Analysis; APPENDIXES; I. Letter of Intent

Attachment I. Memorandum of Economic and Financial Policies Attachment II. Technical Memorandum of Understanding; II. Letter of Intent to the European Commission and the European Central Bank; Attachment I. Memorandum of Understanding on Specific Economic Policy Conditionality; Contents; 1. Achieving sound public finances; 2. Structural reforms with budgetary relevance; 2.1. Privatising to boost efficiency in the economy and reduce public debt; 2.1.1. PPC restructuring and privatisation; 2.1.2. Provisions regarding the privatisation of PPC and DESFA

2.1.3. Reforms of the Governance of Privatisation 2.1.4. Reforms to speed up privatisation of real estate; 2.1.5. Securitisation-Monetisation; 2.1.6. Privatisation Revenues; 2.2. Tax policy reforms; 2.2.1. Complete the reform of the Tax Codes and Property Tax; 2.2.2. Improving the VAT system; 2.3. Revenue administration reforms; 2.3.1. Organization; 2.3.2. Fight against tax evasion, money laundering and corruption; 2.3.3. Revenue and debt collection; 2.3.4. Management of the Public Revenue Service; 2.4. Public Financial Management Reforms; 2.4.1. Monitoring and reporting

2.4.2. Payment flows and clearance of arrears

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF cover (ebrary, viewed August 14, 2014).

ISBN:

9781498389358

149838935X

9781498399968

1498399967

9781498314893

1498314899

OCLC:

886114833