Greece : Staff Report on Request for Stand-By Arrangement

Journal Issue

Volume/Issue:: 2010/110
Series:: IMF Staff Country Reports
Author(s):: International Monetary Fund
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: May 2010
DOI:: http://dx.doi.org/10.5089/9781455206896.002
ISBN:: 9781455206896
ISSN:: 1934-7685
Page:: 146

The Greek economy is teetering owing to heavy public debt and loss of market access. Greece is adopting an ambitious comprehensive multiyear adjustment program to lower the fiscal deficit and the debt ratio, reduce domestic demand in line with capacity, and increase supply and competitiveness so that the economy can step onto a higher growth path led by investments and exports. Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio.

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Greece: Staff Report on Request for Stand-By Arrangement