1. An Ex-Post Evaluation (EPE) of Exceptional Access under Greece’s 2010 Stand-By Arrangement (SBA) is timely. The Fund’s rules require an EPE of exceptional access decisions within a year of the arrangement ending. This requirement is intended to ensure uniformity of treatment across members and that no large program escapes evaluation. Greece’s SBA-supported program, approved in May 2010 and cancelled in March 2012, was an exceptionally large program with access of €30 billion and warrants evaluation even though the SBA was immediately succeeded by an extended arrangement under the Extended Fund Facility (EFF). As with all EPEs, the purpose of the report is (i) to review performance against program objectives; and (ii) to evaluate program design encompassing the macroeconomic strategy, program architecture, adequacy of financing, and the case made for exceptional access.