European Parliament Library

Greece :, Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement

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
Table Of 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?
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (52 p.)
Specific Material Designation
Form Of Item

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