08805oam 22016334 450 991079114510332120200520144314.01-4983-8935-X1-4983-9996-71-4983-1489-9(CKB)2550000001341514(EBL)1760071(SSID)ssj0001398973(PQKBManifestationID)11891176(PQKBTitleCode)TC0001398973(PQKBWorkID)11446581(PQKB)10416437(MiAaPQ)EBC1760071(Au-PeEL)EBL1760071(CaPaEBR)ebr10904703(CaONFJC)MIL634059(OCoLC)886114833(IMF)1GRCEE2014001(IMF)1GRCEA2014001(EXLCZ)99255000000134151420020129d2014 uf 0engurcnu||||||||txtccrGreece : Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of AccessWashington, D.C. :International Monetary Fund,2014.1 online resource (227 p.)IMF Staff Country ReportsDescription based upon print version of record.1-4983-3819-4 1-322-02808-7 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, 2005-148. 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, 2011-168. 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 IntentAttachment 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 DESFA2.1.3. 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 reporting2.4.2. Payment flows and clearance of arrearsThis 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.IMF Staff Country Reports; Country Report ;No. 2014/151Economic developmentGreeceEconomic indicatorsGreeceAccountingimfBanks and BankingimfMacroeconomicsimfPublic FinanceimfIndustries: Financial ServicesimfMoney and Monetary PolicyimfFinance: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFiscal PolicyimfNational Government Expenditures and Related Policies: GeneralimfPublic AdministrationimfPublic Sector Accounting and AuditsimfTaxation, Subsidies, and Revenue: GeneralimfLabor Economics: GeneralimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBankingimfFinanceimfPublic finance & taxationimfFinancial reporting, financial statementsimfLabourimfincome economicsimfMonetary economicsimfNonperforming loansimfPublic financial management (PFM)imfFiscal consolidationimfFinancial statementsimfLaborimfLoansimfFinancial institutionsimfExpenditureimfCreditimfMoneyimfBanks and bankingimfFiscal policyimfFinance, PublicimfLabor economicsimfExpenditures, PublicimfGreeceEconomic conditionsGreeceEconomic policyGreeceimfEconomic developmentEconomic indicatorsAccountingBanks and BankingMacroeconomicsPublic FinanceIndustries: Financial ServicesMoney and Monetary PolicyFinance: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFiscal PolicyNational Government Expenditures and Related Policies: GeneralPublic AdministrationPublic Sector Accounting and AuditsTaxation, Subsidies, and Revenue: GeneralLabor Economics: GeneralMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBankingFinancePublic finance & taxationFinancial reporting, financial statementsLabourincome economicsMonetary economicsNonperforming loansPublic financial management (PFM)Fiscal consolidationFinancial statementsLaborLoansFinancial institutionsExpenditureCreditMoneyBanks and bankingFiscal policyFinance, PublicLabor economicsExpenditures, Public330.938DcWaIMFBOOK9910791145103321GREECE112492UNINA