| Description |
1 online resource (51 pages) : color illustrations |
| Series |
IMF country report ; no. 13/156 |
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IMF country report ; no. 13/156.
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| Contents |
Cover; CONTENTS; BACKGROUND TO THE CRISIS; A. The build-up of imbalances; B. Crisis triggers; C. Crisis response; AN EXCEPTIONAL FUND PROGRAM; PROGRAM STRATEGY AND IMPLEMENTATION; PROGRAM OUTCOMES; A. Macroeconomic outcomes; B. Fiscal policy outcomes; C. Debt and financing outcomes; D. Structural reforms; E. Financial sector; PROGRAM DESIGN; A. Should the fiscal adjustment path have been more gradual?; B. Should the adjustment path have been more flexible?; C. Should the larger economic downturn have been expected?; D. Were structural reforms sufficient to restore competitiveness and growth? |
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E. Was the mix of fiscal measures appropriate?F. Was there sufficient ownership and capacity for reforms?; G. Was the financing of the program likely to be sufficient?; H. Should debt restructuring have been attempted at the outset?; CONSISTENCY WITH FUND RULES AND PRACTICES; A. Was exceptional access justified?; B. Was the SBA consistent with other Fund programs with countries in currency unions?; C. How well did the Troika arrangement work?; D. Should the EFF have been introduced at the beginning?; POSSIBLE LESSONS; BOXES; 1. A Chronology of Events |
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2. Progress with Internal Devaluation under the SBA-Supported Program3. Pension Reform; 4. Revenue Administration Reform during the SBA-Supported Program; 5. Structural Benchmarks: Design and Implementation; TABLES; 1. Selected Economic Indicators, 2009-14; 2. Quantitative Performance Criteria, 2010-13; 3. Structural Conditionality; REFERENCES; References; APPENDIX; I. Views of the Authorities |
| Summary |
Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved. The program lacked in better tailoring of IMF lending policies, avoiding undue delays in debt restructuring, attention to the political economy of adjustment, and parsimony in fiscal structural reforms. The importance of streamlining the Troika process and effective risk-sharing arrangements within the euro area has been stressed by Executive Directors |
| Notes |
Title from PDF title page (IMF Web site, viewed June 7, 2013) |
|
"June 2013." |
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"May 20, 2013"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references (pages 47-48) |
| Subject |
International Monetary Fund -- Greece
|
| SUBJECT |
International Monetary Fund fast |
| Subject |
Financial crises -- Greece
|
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Balance of payments -- Greece
|
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Fiscal policy -- Greece
|
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Structural adjustment (Economic policy) -- Greece
|
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Balance of payments
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Financial crises
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Fiscal policy
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Structural adjustment (Economic policy)
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Greece
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| Form |
Electronic book
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| Author |
International Monetary Fund.
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| ISBN |
1484371046 |
|
9781484371046 |
| ISSN |
2227-8907 |
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