Greece : Request for Stand-By Arrangement

1GRCEA2010002 Image
Price:  $18.00

Release Date: © May, 2010
ISBN : 978-1-45520-690-2
Stock #: 1GRCEA2010002
Stock Status: On back-order

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Greek real GDP has declined by 2 percent in 2009, and indicators suggest that activity will weaken further in 2010. With the deteriorating fiscal results came downgrades of government bonds by rating agencies, and investors started backing out of Greek bonds, driving up their yields. Impaired loans are rising while borrowing costs in the interbank and wholesale markets have increased, putting pressure on bank profitability. The economy needs a strong and sustained adjustment program to correct fiscal imbalances and place debt on a downward path in the medium term.


Economic policy , Fiscal policy

More publications in this series: IMF Staff Country Reports