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Greece: Request for Stand-By Arrangement

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  • International Monetary Fund

Abstract

Greek real GDP has declined by 2 percent in 2009, and indicators suggest that activity will weaken further in 2010. With the deteriorating fiscal results came downgrades of government bonds by rating agencies, and investors started backing out of Greek bonds, driving up their yields. Impaired loans are rising while borrowing costs in the interbank and wholesale markets have increased, putting pressure on bank profitability. The economy needs a strong and sustained adjustment program to correct fiscal imbalances and place debt on a downward path in the medium term.

Suggested Citation

  • International Monetary Fund, 2010. "Greece: Request for Stand-By Arrangement," IMF Staff Country Reports 2010/111, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2010/111
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    Cited by:

    1. Eric M. Leeper, 2010. "Monetary science, fiscal alchemy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 361-434.
    2. Matsaganis Manos & Leventi Chrysa, 2011. "Pathways to a Universal Basic Pension in Greece," Basic Income Studies, De Gruyter, vol. 6(1), pages 1-20, October.
    3. Andreas E. Fousteris & Eleni A. Didaskalou & Markos-Marios H. Tsogas & Dimitrios A. Georgakellos, 2018. "The Environmental Strategy of Businesses as an Option under Recession in Greece," Sustainability, MDPI, vol. 10(12), pages 1-19, November.
    4. Panayiotis Alexakis & Gikas Hardouvelis & Dean Paxson & Gordon Sick & Lenos Trigeorgis, 2018. "Greek Sovereign Debt: Addressing Economic Distress and Growth in the Euro Area," Multinational Finance Journal, Multinational Finance Journal, vol. 22(1-2), pages 1-33, March - J.
    5. 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.
    6. Schrader, Klaus & Laaser, Claus-Friedrich, 2012. "Die Krise in Südeuropa oder die Angst vor dem Dominoeffekt: Griechenland, Portugal und Spanien im Krisentest," Kiel Discussion Papers 500/501, Kiel Institute for the World Economy (IfW Kiel).
    7. Chirwa, Themba G & Odhiambo, Nicholas M., 2018. "The determinants of public debt in the Euro area: A panel ARDL approach," Working Papers 23509, University of South Africa, Department of Economics.
    8. 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.
    9. Bodo Herzog, 2021. "Hidden Blemish in European Law: Judgements on Unconventional Monetary Programmes," Laws, MDPI, vol. 10(2), pages 1-13, March.
    10. Anders Aslund, 2014. "Revisiting the Latvian and Greek Financial Crises: The Benefits of Front-Loading Fiscal Adjustment," CASE Network Studies and Analyses 0477, CASE-Center for Social and Economic Research.
    11. Leventi, Chrysa & Matsaganis, Manos & Flevotomou, Maria, 2013. "Distributional implications of tax evasion and the crisis in Greece," EUROMOD Working Papers EM17/13, EUROMOD at the Institute for Social and Economic Research.
    12. Anastasopoulos, Alexia, 2018. "Testing for financial contagion: New evidence from the Greek crisis and yuan devaluation," Research in International Business and Finance, Elsevier, vol. 45(C), pages 499-511.
    13. Michalis Nikiforos & Dimitri B. Papadimitriou & Gennaro Zezza, 2015. "The Greek public debt problem [The Greek public debt problem]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 25(spe), pages 777-802, December.
    14. Barbara Fritz & Sebastian Dullien & Laurissa Muehlich, 2015. "The IMF to the Rescue: Did the Euro Area benefit from the Fund’s Experience in Crisis fighting?," Competence Centre on Money, Trade, Finance and Development 1601, Hochschule fuer Technik und Wirtschaft, Berlin.
    15. Edwin M. Truman, 2014. "IMF Reform Is Waiting on the United States," Policy Briefs PB14-9, Peterson Institute for International Economics.
    16. Mislav Brkic, 2016. "Greek Sovereign Debt Crisis: Causes, Fiscal Adjustment Programs and Lessons for Croatia," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 18(1), pages 71-99, June.

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