Greece: 2021 Article IV Consultation-Press Release; and Staff Report

2021 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2021 Issue 154

Publication date: July 2021

ISBN: 9781513588933

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Topics covered in this book

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Money and Monetary Policy , Public Finance , Taxation - General , International - Economics , liability positions vis-à-vis nonresident , money market rate , IMF repayment capacity , General government financing requirement , Hercules securitization strategy , SDR million , COVID-19 , Loans , Tax administration core functions , Global , Europe

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Summary

Greece entered the pandemic with an unfinished recovery, but the country has demonstrated resilience in facing COVID-19. The economy contracted by 8.2 percent in 2020, better than expected given Greece’s high dependence on tourism and pre-existing vulnerabilities. The government provided among the largest on-budget fiscal stimuli in the euro zone and supervisory and ECB accommodation shielded the banking sector and kept financing conditions highly accommodative. Despite the pandemic, reforms progressed in a number of areas, albeit at a slower pace than in recent years.