Abstract
GREECE
Title Page
GREECE
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
May 23, 2022
Prepared By
European Department
(In Consultation with Other Departments)
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(as of April 30, 2022)
Membership Status: Joined December 27, 1945.
Exchange Arrangements: The currency of Greece is the euro. The exchange rate arrangement of the euro area is free floating. Greece participates in a currency union (EMU) with 18 other members of the EU and has no separate legal tender. The euro, the common currency floats freely and independently against other currencies. Greece has accepted the obligations of Article VIII, Sections 2, 3, and 4. As of March 31, 2022, it maintains an exchange system free of restrictions on payments and transfers for current international transactions and multiple currency practices, except for those measures adopted solely for security reasons, which have been notified to the Fund in accordance with the procedures of Decision 144 (52/51).
General Resources Account:
| SDR Million | Percent Quota | |
| Quota | 2,428.90 | 100.00 |
| IMF’s Holdings of Currency | 1,855.86 | 76.41 |
| Reserve Tranche Position | 575.02 | 23.67 |
| SDR Million | Percent Quota | |
| Quota | 2,428.90 | 100.00 |
| IMF’s Holdings of Currency | 1,855.86 | 76.41 |
| Reserve Tranche Position | 575.02 | 23.67 |
SDR Department:
| SDR Million | Percent Allocation | |
| Net Cumulative Allocation | 3,110.35 | 100.00 |
| Holdings | 821.59 | 26.41 |
| SDR Million | Percent Allocation | |
| Net Cumulative Allocation | 3,110.35 | 100.00 |
| Holdings | 821.59 | 26.41 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR million) | Amount Drawn (SDR million) |
| EFF | Mar 15, 2012 | Jan 15, 2016 | 23,785,30 | 10,224.50 |
| Stand-by | May 09, 2010 | Mar 14, 2012 | 26,432.90 | 17,541.80 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR million) | Amount Drawn (SDR million) |
| EFF | Mar 15, 2012 | Jan 15, 2016 | 23,785,30 | 10,224.50 |
| Stand-by | May 09, 2010 | Mar 14, 2012 | 26,432.90 | 17,541.80 |
Projected Payments to the Fund:
(SDR Million, based on existing use of resources and present holdings of SDRs)
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 9.76 | 11.35 | 11.35 | 11.34 | 11.35 |
| Total | 9.76 | 11.35 | 11.35 | 11.34 | 11.35 |
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 9.76 | 11.35 | 11.35 | 11.34 | 11.35 |
| Total | 9.76 | 11.35 | 11.35 | 11.34 | 11.35 |
Article IV Consultations:
The last Article IV was concluded on July 16, 2021 following consultation discussions that ended on May 28, 2021. Greece is on the standard 12-month consultation cycle.
Technical Assistance:
| Department | Purpose (V=Virtual) | Date |
| STA | Government Finance Statistics | November 2016 |
| FAD | IT Strategy Development in Tax Administration | December 2016 |
| FAD | Institutional Reforms in Tax Administration | January 2017 |
| FAD | IT Strategy Development in Tax Administration | February 2017 |
| STA | Government Finance Statistics | February 2017 |
| FAD | Chart of Accounts, Cash Management and Reconciliation | March 2017 |
| STA | Government Finance Statistics | May 2017 |
| FAD | Roadmap for IT Strategy Implementation in Tax Administration | August 2017 |
| FAD | Restructuring Tax Debt | September 2017 |
| FAD | Strategic Planning in Tax Administration | October 2017 |
| FAD | Implementing a Treasury Single Account and Chart of Accounts (Roehler) | November 2017 |
| FAD | Roadmap for IT Strategy Implementation in Tax Administration | January 2018 |
| FAD | Assessment of Tax Administration | February 2018 |
| FAD | Follow-up on Tax Administration Reforms | February 2018 |
| FAD | Chart of Accounts, Accounting and Treasury Single Account Reforms (Roehler) | February 2018 |
| STA | Government Finance Statistics | February 2018 |
| FAD | Developing Communication Procedures in Tax Administration | March 2018 |
| FAD | Performance Targets in Tax Administration | March 2018 |
| FAD | Roadmap for IT Strategy Implementation in Tax Administration | April 2018 |
| FAD | Cash Management Legislation and Regulation | June 2018 |
| FAD | Performance Budgeting | July 2018 |
| FAD | Revenue Administration: Enhancing Operating Practices (Russell) | November 2018 |
| FAD | Revenue Administration: Development of IT Capability (Poulin) | November 2018 |
| FAD | Chart of Accounts and Accounting Reforms (Renteria) (V) | February 2019 |
| FAD | Revenue Administration: Modern Tax Administration (Sorensen) | February 2019 |
| FAD | Revenue Administration: Institutional Reforms/ IT Capability (Coyne) | April 2019 |
| FAD | Developing Compliance Risk Management Capacity (Holloway) | April 2019 |
| FAD | Revenue Administration: Development of IT Capability (Poulin) | May 2019 |
| FAD | Revenue Administration: VAT Gap Analysis (Hutton) | August 2019 |
| FAD | Streamlining Government Payment Processes | February 2020 |
| FAD | Revenue Administration : Management Framework (Roberts) (V) | March 2020 |
| FAD | Chart of Accounts and Accounting Reform Strategy (Makaronidis–peripatetic STX) (V) | May 2020–May 2021 |
| FAD | Revenue Administration: Development of IT Capability (Poulin) (V) | December 2020 |
| FAD | Public Financial Management: pre-PIMA (Renteria Rodriguez) | July–August 2020 |
| FAD | Public Financial Management: HQ Resident Advisor Briefing (De Clerck) (V) | September 2020 |
| FAD | Tax and Customs Administration: IT Modernization Follow-up (Poulin) | November-December 2020 |
| FAD | Public Financial Management: Workshop on Enterprise Resource Planning Financial Accounting Central Administration (GAO) (V) | March–April 2021 |
| FAD | Public Financial Management: Chart of Accounts: Resident Advisor (Kirchmann) (V) | September 2020–August 2021 |
| FAD | Revenue Administration: IAPR organizational structure (Story STX) | September 2021 |
| FAD | Revenue Administration: IAPR IT modernization (Poulin STX) | September 2021 |
| FAD | Revenue Administration: IAPR reform assessment (Stoyan Markov) | March 2022 |
| FAD | Public Financial Management: PIMA | May 2022 |
| Department | Purpose (V=Virtual) | Date |
| STA | Government Finance Statistics | November 2016 |
| FAD | IT Strategy Development in Tax Administration | December 2016 |
| FAD | Institutional Reforms in Tax Administration | January 2017 |
| FAD | IT Strategy Development in Tax Administration | February 2017 |
| STA | Government Finance Statistics | February 2017 |
| FAD | Chart of Accounts, Cash Management and Reconciliation | March 2017 |
| STA | Government Finance Statistics | May 2017 |
| FAD | Roadmap for IT Strategy Implementation in Tax Administration | August 2017 |
| FAD | Restructuring Tax Debt | September 2017 |
| FAD | Strategic Planning in Tax Administration | October 2017 |
| FAD | Implementing a Treasury Single Account and Chart of Accounts (Roehler) | November 2017 |
| FAD | Roadmap for IT Strategy Implementation in Tax Administration | January 2018 |
| FAD | Assessment of Tax Administration | February 2018 |
| FAD | Follow-up on Tax Administration Reforms | February 2018 |
| FAD | Chart of Accounts, Accounting and Treasury Single Account Reforms (Roehler) | February 2018 |
| STA | Government Finance Statistics | February 2018 |
| FAD | Developing Communication Procedures in Tax Administration | March 2018 |
| FAD | Performance Targets in Tax Administration | March 2018 |
| FAD | Roadmap for IT Strategy Implementation in Tax Administration | April 2018 |
| FAD | Cash Management Legislation and Regulation | June 2018 |
| FAD | Performance Budgeting | July 2018 |
| FAD | Revenue Administration: Enhancing Operating Practices (Russell) | November 2018 |
| FAD | Revenue Administration: Development of IT Capability (Poulin) | November 2018 |
| FAD | Chart of Accounts and Accounting Reforms (Renteria) (V) | February 2019 |
| FAD | Revenue Administration: Modern Tax Administration (Sorensen) | February 2019 |
| FAD | Revenue Administration: Institutional Reforms/ IT Capability (Coyne) | April 2019 |
| FAD | Developing Compliance Risk Management Capacity (Holloway) | April 2019 |
| FAD | Revenue Administration: Development of IT Capability (Poulin) | May 2019 |
| FAD | Revenue Administration: VAT Gap Analysis (Hutton) | August 2019 |
| FAD | Streamlining Government Payment Processes | February 2020 |
| FAD | Revenue Administration : Management Framework (Roberts) (V) | March 2020 |
| FAD | Chart of Accounts and Accounting Reform Strategy (Makaronidis–peripatetic STX) (V) | May 2020–May 2021 |
| FAD | Revenue Administration: Development of IT Capability (Poulin) (V) | December 2020 |
| FAD | Public Financial Management: pre-PIMA (Renteria Rodriguez) | July–August 2020 |
| FAD | Public Financial Management: HQ Resident Advisor Briefing (De Clerck) (V) | September 2020 |
| FAD | Tax and Customs Administration: IT Modernization Follow-up (Poulin) | November-December 2020 |
| FAD | Public Financial Management: Workshop on Enterprise Resource Planning Financial Accounting Central Administration (GAO) (V) | March–April 2021 |
| FAD | Public Financial Management: Chart of Accounts: Resident Advisor (Kirchmann) (V) | September 2020–August 2021 |
| FAD | Revenue Administration: IAPR organizational structure (Story STX) | September 2021 |
| FAD | Revenue Administration: IAPR IT modernization (Poulin STX) | September 2021 |
| FAD | Revenue Administration: IAPR reform assessment (Stoyan Markov) | March 2022 |
| FAD | Public Financial Management: PIMA | May 2022 |
Statistical Issues
As of May 4, 2022
| 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 non-financial accounts are compiled in accordance with ESA 2010 by ELSTAT and are scrutinized and validated by Eurostat on a regular basis. In 2019, the Bank of Greece (BoG) revised the general government financial accounts data to resolve the quality and consistency issues which had been observed since 2015. This enabled Eurostat to validate and publish Greece’s general government financial accounts after four years. 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 Bank of Greece 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. In November 2018, the Bank of Greece introduced a change to the compilation of sea transport accounts. Instead of settlements data, the Bank now uses data from international shipping databases and administrative sources. | |
| Monetary and Financial Statistics. Data on the central bank balance sheet and on the aggregated balance sheets of other depository corporations are available from the Bank of Greece’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. Greece reports data on some key series and indicators of the Financial Access Survey (FAS), including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| 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 subscribed to the Fund’s Special Data Dissemination Standard (SDDS) on November 8, 2002. | |
| 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 non-financial accounts are compiled in accordance with ESA 2010 by ELSTAT and are scrutinized and validated by Eurostat on a regular basis. In 2019, the Bank of Greece (BoG) revised the general government financial accounts data to resolve the quality and consistency issues which had been observed since 2015. This enabled Eurostat to validate and publish Greece’s general government financial accounts after four years. 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 Bank of Greece 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. In November 2018, the Bank of Greece introduced a change to the compilation of sea transport accounts. Instead of settlements data, the Bank now uses data from international shipping databases and administrative sources. | |
| Monetary and Financial Statistics. Data on the central bank balance sheet and on the aggregated balance sheets of other depository corporations are available from the Bank of Greece’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. Greece reports data on some key series and indicators of the Financial Access Survey (FAS), including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| 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 subscribed to the Fund’s Special Data Dissemination Standard (SDDS) on November 8, 2002. | |
Greece: Table of Common Indicators Required for Surveillance
(As of May 5, 2022)
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 funds) 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).
Greece: Table of Common Indicators Required for Surveillance
(As of May 5, 2022)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
| Exchange Rates | May 4, 2022 | May 4, 2022 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | March, 2022 | April 20, 2022 | M | M | M |
| Reserve/Base Money | March, 2022 | May 3, 2022 | M | M | M |
| Broad Money | March, 2022 | May 3, 2022 | M | M | M |
| Central Bank Balance Sheet | March 2022 | May 4, 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | February 2022 | March 29, 2022 | M | M | M |
| Interest Rates2 | April 2022 | May 2, 2022 | M | M | M |
| Consumer Price Index | April 2022 | April 29, 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | March 2022 | May 4, 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | March 2022 | May 4, 2022 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2021Q4 | Feb 21, 2022 | Q | Q | Q |
| External Current Account Balance | February 2022 | April 20, 2022 | M | M | M |
| Exports and Imports of Goods and Services | February 2022 | April 20, 2022 | M | M | M |
| GDP/GNP | 2021Q4 | March 4, 2022 | Q | Q | Q |
| Gross External Debt | 2021Q4 | March 31, 2022 | Q | Q | Q |
| International Investment Position6 | 2021Q4 | March 31, 2022 | Q | Q | Q |
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 funds) 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).
Greece: Table of Common Indicators Required for Surveillance
(As of May 5, 2022)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
| Exchange Rates | May 4, 2022 | May 4, 2022 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | March, 2022 | April 20, 2022 | M | M | M |
| Reserve/Base Money | March, 2022 | May 3, 2022 | M | M | M |
| Broad Money | March, 2022 | May 3, 2022 | M | M | M |
| Central Bank Balance Sheet | March 2022 | May 4, 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | February 2022 | March 29, 2022 | M | M | M |
| Interest Rates2 | April 2022 | May 2, 2022 | M | M | M |
| Consumer Price Index | April 2022 | April 29, 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | March 2022 | May 4, 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | March 2022 | May 4, 2022 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2021Q4 | Feb 21, 2022 | Q | Q | Q |
| External Current Account Balance | February 2022 | April 20, 2022 | M | M | M |
| Exports and Imports of Goods and Services | February 2022 | April 20, 2022 | M | M | M |
| GDP/GNP | 2021Q4 | March 4, 2022 | Q | Q | Q |
| Gross External Debt | 2021Q4 | March 31, 2022 | Q | Q | Q |
| International Investment Position6 | 2021Q4 | March 31, 2022 | Q | Q | Q |
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 funds) 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).