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Greece: Staff Report for the 2018 Article IV Consultation and Proposal for Post-Program Monitoring—Informational Annex

Author(s):
International Monetary Fund. European Dept.
Published Date:
July 2018
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Fund Relations

(as of May 31, 2018)

Membership Status: Joined December 27, 1945.

Exchange Rate Arrangements: Greece’s currency is the euro, which floats freely and independently against other currencies. Greece has accepted the obligations of Article VIII, Sections 2, 3, and 4, but maintains three exchange restrictions subject to Fund approval under Article VIII, Section 2(a) arising from the following measures: (i) absolute limits and discretionary Bank Transactions Approval Committee (BTAC) approval of the availability of foreign exchange for certain payments and transfers for (a) current international transactions related to normal business activities and (b) invisible transactions and remittances (such as travel, except for tuition fee and medical expenses). (ii) discretionary BTAC approval of transfers abroad of moderate amounts for the amortization of loans and of income from investments including dividends and interest payments of non-financial entities to non-residents; and (iii) absolute limits on withdrawal of cash from bank accounts in Greece in the absence of an unrestricted channel for payments due to discretionary BTAC approval and absolute limits. Greece also maintains exchange restrictions for the reasons of national or international security, set at the EU level, and notified to the Fund under Executive Board Decision No. 144.

General Resources Account:

SDR MillionPercent Quota
Quota2,428.90100.00
IMF’s Holdings of Currency10,896.63488.62
Reserve Tranche Position572.9723.59

SDR Department:

SDR MillionPercent Allocation
Net Cumulative Allocation782.36100.00
Holdings5.220.67

Outstanding Purchases and Loans:

SDR MillionPercent Quota
Extended Arrangements9,040.63372.21

Latest Financial Arrangements:

TypeDate of ArrangementExpiration DateAmount Approved (SDR million)Amount Drawn (SDR million)
EFFMar 15, 2012Jan 15, 201623,785,3010,224.50
Stand-byMay 09, 2010Mar 14, 201226,432.9017,541.80

Projected Payments to the Fund:

(SDR Million, based on existing use of resources and present holdings of SDRs)

Forthcoming
20182019202020212022
Principal977.611,704.081,704.081,704.081,587.49
Charges/Interest151.88240.67156.3988.1253.62
Total1,129.491,944.751,860.481,792.211,641.12

Article IV Consultations:

The last Article IV was concluded on February 6, 2017, following consultation discussions that ended on September 22, 2016. Greece is on the standard 12-month consultation cycle.

Resident Representative:

Mr. Dennis Botman (Senior Resident Representative) assumed his position in September 2016.

Technical Assistance:

DepartmentPurposeDate
STAGovernment Finance StatisticsNovember 2016
FADIT Strategy Development in Tax AdministrationDecember 2016
FADInstitutional Reforms in Tax AdministrationJanuary 2017
FADIT Strategy Development in Tax AdministrationFebruary 2017
STAGovernment Finance StatisticsFebruary 2017
FADChart of Accounts, Cash Management and ReconciliationMarch 2017
STAGovernment Finance StatisticsMay 2017
FADRoadmap for IT Strategy Implementation in Tax AdministrationAugust 2017
FADRestructuring Tax DebtSeptember 2017
FADStrategic Planning in Tax AdministrationOctober 2017
FADImplementing a Treasury Single AccountNovember 2017
FADRoadmap for IT Strategy Implementation in Tax AdministrationJanuary 2018
FADAssessment of Tax AdministrationFebruary 2018
FADFollow-up on Tax Administration ReformsFebruary 2018
FADChart of Accounts, Accounting and Treasury Single Account ReformsFebruary 2018
STAGovernment Finance StatisticsFebruary 2018
FADDeveloping Communication Procedures in Tax AdministrationMarch 2018
FADPerformance Targets in Tax AdministrationMarch 2018
FADRoadmap for IT Strategy Implementation in Tax AdministrationApril 2018
FADCash Management Legislation and RegulationJune 2018

Statistical Issues

As of June 20, 2018

I. Assessment of Data Adequacy for Surveillance
General. Data provision has some shortcomings but is broadly adequate for surveillance. The quality of Greek statistics has improved since the establishment of the independent Hellenic Statistical Authority, ELSTAT, in 2010.
Real sector. Quarterly and annual national accounts are compiled in accordance with the ESA 2010 standard. The CPI is chained annually, and weights are being renewed every year on the basis of the most recent available data from the Household Budget Survey.
Fiscal sector. General government accounts are compiled in accordance with ESA 2010. Eurostat has not validated and published Greece’s general government financial accounts reported by the Bank of Greece (BoG). The financial accounts data reported by the BoG do not follow Eurostat standards (Reg. 479/2009 and Reg. 549/2013 interpreting ESA 2010) in several areas. In addition, compilation issues result in flows that appear implausible and have also not been validated by Eurostat. Therefore, reported data are not comparable to non-financial accounts data and data reported in the context of EDP. Shortcomings in source data, such as the absence of accounting records on operations not passing through the state budget (e.g. Single Treasury Account), also present risks to fiscal data quality. Greece reports high frequency and annual GFS data for general government to STA through the Eurostat GFS convergence project with the IMF.
Trade and balance of payments. Since January 2015, data are provided according to the IMF’s sixth edition of the Balance of Payments Manual. Historical data based on the new methodology are available from January 2002. Since July 2015, the BoG has been using ELSTAT’s trade statistics instead of the settlements data used until June 2015 inclusive. Therefore, the goods trade balance statistics reflect customs-based or other administrative data, as collected or estimated by ELSTAT. Historical data based on the methodology is available from January 2013.
Monetary sector. Data on the central bank (BoG) balance sheet and on the aggregated balance sheets of other depository corporations are available from BoG’s website. The data are also reported to the IMF through the ECB using standardized report forms: 1SR for the central bank (1SR) and 2SR for other depository corporations (ODCs). Data on other financial corporations (OFCs) is not compiled.
Financial sector surveillance. Data on financial soundness indicators (FSIs) are compiled and reported to IMF on a quarterly basis and covers deposit takers, other financial corporations, nonfinancial corporations and households.
II. Data Standards and Quality
Greece has been a subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since November 8, 2002.A data module of the Report on the Observance of Standards and Codes (ROSC) was published in 2003, and it was updated in 2004 and 2005 in the context of the Article IV staff report.
Greece: Table of Common Indicators Required for Surveillance (As of June 20, 2018)
Date of Latest ObservationDate ReceivedFrequency of Data7Frequency of Reporting7Frequency of Publication7
Exchange Rates5/31/186/1/18DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities15/186/7/18MMM
Reserve/Base Money5/186/7/18MMM
Broad Money4/185/30/18MMM
Central Bank Balance Sheet5/186/12/18MMM
Consolidated Balance Sheet of the Banking System5/186/12/18MMM
Interest Rates26/187/02/18MMM
Consumer Price Index5/186/08/18MMM
Revenue, Expenditure, Balance and Composition of Financing3 – General Government420174/23/18AAA
Revenue, Expenditure, Balance and Composition of Financing3– Central Government4/186/4/18MMM
Stocks of Central Government and Central Government-Guaranteed Debt52018/Q15/18/18QQQ
External Current Account Balance4/186/20/18MMM
Exports and Imports of Goods and Services4/186/20/18MMM
GDP/GNP2018/Q16/4/18QQQ
Gross External Debt2017/Q45/30/18QQQ
International Investment Position62018/Q16/29/18QQQ

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security fun and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security fun and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).

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