Chapter 3. Two Key IMF Decisions
Author:
International Monetary Fund. Independent Evaluation Office
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International Monetary Fund. External Relations Dept.
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Language:
English
Print Publication Date:
23 Sep 2016
Keywords:
IEOR; IEO; financing; euro; IMF surveillance; government; country; IMF's engagement; ECB team; IMF's handling; IMF mission chief; Monetary unions; Debt restructuring; Financial sector; Fiscal stance; Europe; Global; IMF's eagerness; debt ownership; Debt sustainability; Fiscal consolidation

Abstract

29. In May 2010, the IMF Executive Board approved a decision to provide exceptional access financing to Greece without seeking a restructuring of Greece’s sovereign debt, in circumstances where the debt could not be “deemed sustainable with a high probability.” Thus, the Board was required to change one of the criteria under the IMF’s policy governing exceptional access, by introducing what became known as the systemic exemption clause (see below). This decision had implications beyond Greece, as the systemic exemption clause was invoked again in the cases of exceptional access support for Ireland and Portugal. This section assesses separately the decision to provide exceptional access financing to Greece and the decision to amend the exceptional access framework.

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Cover The IMF and the Crises in Greece, Ireland, and Portugal
The IMF and the Crises in Greece, Ireland, and Portugal
ISBN:
9781475525144
ISSN:
2617-670X
Publication Date:
23 Sep 2016
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781475525144.017
Pages:
72

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