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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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2014. "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," IMF Staff Country Reports 2014/151, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2014/151
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    Cited by:

    1. Dimitrios Doulos & Odysseus Katsaitis & George A. Zombanakis, 2021. "How to Make Butter out of Guns: The Turkish Case and the Greek Bitter Lesson," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 1055-1072.
    2. 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.
    3. Kolliopoulos, Athanasios, 2021. "Reforming the Greek financial system: a decade of failure," LSE Research Online Documents on Economics 108523, London School of Economics and Political Science, LSE Library.
    4. Athanasios Kolliopoulos, 2021. "Reforming the Greek Financial System: a decade of failure," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 155, Hellenic Observatory, LSE.
    5. Yannis M. Ioannides & Christopher A. Pissarides, 2015. "Is the Greek Crisis One of Supply and Demand?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(2 (Fall)), pages 349-373.
    6. Panagiotis Chronis & George A. Zombanakis, 2016. "An Evaluation of Policies for Fiscal and External Sustainability during the Recent Greek Economic Crisis," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 32-43.
    7. Mark Weisbrot & David Rosnick & Stephan Lefebvre, 2015. "The Greek Economy: Which Way Forward?," CEPR Reports and Issue Briefs 2015-04, Center for Economic and Policy Research (CEPR).
    8. Schöne, Andreas & Kunz-Kaltenhäuser, Philipp, 2022. "Track access charges in the European Union railroad sector: A consideration of company organization and institutional quality," Ilmenau Economics Discussion Papers 164, Ilmenau University of Technology, Institute of Economics.

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