Greece : : Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece

• Record Nr.: UNINA9910969225703321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2013
• ISBN: 9781475568448; 1475568444; 9781484392195; 1484392191; 9781484369807; 1484369807
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (208 p.)
• Collana: IMF Staff Country Reports
• Disciplina: 332.152
• Soggetti: Banks and Banking; Budgeting; Macroeconomics; Public Finance; Taxation; Exports and Imports; Taxation, Subsidies, and Revenue: General; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; National Government Expenditures and Related Policies: General; Personal Income and Other Nonbusiness Taxes and Subsidies; National Budget; Budget Systems; Fiscal Policy; Public finance & taxation; Banking; Property & real estate; Budgeting & financial management; International economics; Revenue administration; Expenditure; Property tax; Budget planning and preparation; Public financial management (PFM); Taxes; Arrears; External debt; Revenue; Banks and banking; Expenditures, Public; Budget; Fiscal policy; Greece Economic policy; Greece Economic conditions; Greece
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di contenuto: Cover; CONTENTS; CONTEXT; RECENT DEVELOPMENTS; DISCUSSIONS; A. Outlook; B. Economic Policies; PROGRAM MODALITIES; STAFF APPRAISAL; BOXES; 1. Banking Sector Restructuring; 2. Health Spending Overruns; 3. Toward a New Property Tax in Greece; 4. Exceptional Access Criteria; FIGURES; 1. Demand Indicators, 2007-13; 2. Supply Indicators, 2007-13; 3. Labor Market Developments, 2007-13; 4. Inflation Developments, 2005-13; 5. Balance of Payments, 2010-13; 6. Competitiveness Indicators, 2005-13; 7. Financial Indicators, 2007-13; 8. Money and Banking Developments, 2007-13; 9. Household Balance Sheet, 2007-1310. Corporations Balance Sheet, 2007-13; TABLES; 1. Selected Economic Indicators, 2009-14; 2. Summary of Balance of Payments, 2010-18; 3. Monetary Survey, 2010-14; 4. Monetary Financial Institutions (excl. BoG)- Uses and Sources of Funds, 2010-16; 5. Core Set of Financial Soundness Indicators for Deposit-Taking Institutions, 2009-13; 6. Modified General Government Cash Balance, 2012-16; 7. General Government Operations, 2010-17; 8. General Government Statement of Operations; 9. Financial Balance Sheet (GFSM 2001, stocks), 2008-12; 10. Revenue Collection Process-Issues and Actions11. Spending Process-Issues and Actions; 12. Implementation of Structural Reforms; 13. Medium-Term Macro Framework, 2012-18; 14. Selected Structural Reforms Ahead, 2013-14; 15. Schedule of Proposed Purchases under the Extended Arrangement, 2012-16; 16. General Government Financing Requirements and Sources, 2012-16; 17. External Financing Requirements and Sources; 18. Indicators of Fund Credit; ANNEXES; I. Debt Sustainability Analysis; II. Fund Relations; APPENDIXES; I. Letter of Intent; II. Memorandum of Economic and Financial Policies; III. Technical Memorandum of UnderstandingIV. Letter of Intent to the European Commission and the European Central Bank; V. Memorandum of Understanding on Specific Economic Policy Conditionality; 1 Achieving sound public finances; 2 Structural reforms with budgetary relevance; 3 Stabilising the Financial System; 4 Strengthening labour ; market institutions and promoting employment; 5 Creating favourable conditions for economic activity; 6 Efficient Network Industries and Services; 7 Increasing the impact of structural and cohesion funds; 8 Monitoring; 9 Annexes; Statement by the Staff Representative on Greece July 29, 2013Tables; Table 1. Greece: Prior Actions for the Fourth Review; Table 2. Key Performance Indicators on Tax Administration; IMF Completes Fourth Review Under Extended Fund Facility Arrangement for Greece, Approves €1.72 Billion Disbursement; Statement by Thanos Catsambas, Alternate Executive Director for Greece July 29, 2013; A. Political Developments; B. General Outlook and Market Sentiments; C. Macroeconomic Framework and Structural Reforms: Main Issues and Achievements; D. Challenges, Corrective Measures and Next Steps; E. Growth Prospects and International Support
• Sommario/riassunto: This paper discusses Greece’s Fourth Review Under the Extended Arrangement under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion. The economy is rebalancing, but it continues to do so through recession, not productivity-enhancing structural reform. Domestic demand continues to fall albeit at a moderating pace, and import compression has resulted in a further shrinking of the current account deficit. The large output gap and high unemployment rate are exerting downward pressure on wages, and the competitiveness gap in unit labor cost terms has narrowed further. Product prices are also easing. Sentiment indicators have improved, but the political crisis has had a dampening effect.