Greece
Report

Greece

2013 Article IV Consultation

International Monetary Fund
IMF, 2013
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Editorial Rating

7

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Recommendation

How will Greece escape its current mess? Almost every visit by the Troika (a combination of the International Monetary Fund, the European Commission and the European Central Bank) seems to result in a nail-biting showdown, with the future of the euro hanging in the balance. Yet the IMF offers a possible positive future scenario for the Hellenic Republic. Packed with facts and figures, this authoritative report offers a well-researched, if not entirely reassuring, assessment of the current state of the Greek economy and its progress. getAbstract recommends its findings to euro watchers everywhere.

Summary

Greece has managed an exceptional 15%-of-GDP improvement (cyclically adjusted) in its primary balance since embarking on the 2010 reform program coordinated by the Troika (the International Monetary Fund, the European Commission and the European Central Bank). While this represents good progress, it owes more to a 22% contraction in the economy from 2008 to 2012 than to growth-enhancing improvements. Political uncertainty, large public payrolls and slow-moving privatizations have deepened the recession and hampered the foreign investment that could aid future development...

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The International Monetary Fund is a global organization that provides advice and financing to member states in economic difficulties and works to reduce poverty in developing nations.

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