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Greece: First and Second Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Applicability, Modification of Performance Criteria, and Rephasing of Access--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

Greece’s deep recession has continued unabated, with the economy struggling to gain traction against domestic political instability and weak external conditions. Stronger internal devaluation is now under way, reflecting the interaction of labor market liberalization with the already weak labor market. Current account adjustment has accelerated, notwithstanding slow progress with structural reforms. The structural transformation of Greece’s economy continues to proceed at a slow pace, and this is making Greece’s adjustment more costly. Institutional reforms continued to disappoint during 2012, again complicating overall adjustment efforts.

Suggested Citation

  • International Monetary Fund, 2013. "Greece: First and Second Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Applicability, Modification of Performance Criteria, and Rephasing of Access--St," IMF Staff Country Reports 2013/020, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/020
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    Cited by:

    1. Aris Spanos & Niki Papadopoulou, 2013. "A Small Macroeconometric Model for the Cyprus Economy," Working Papers 2013-2, Central Bank of Cyprus.
    2. Prein, Timm M. & Scholl, Almuth, 2021. "The impact of bailouts on political turnover and sovereign default risk," Journal of Economic Dynamics and Control, Elsevier, vol. 124(C).

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