This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled to...

In this study, Greece’s economic program has progress toward its sustainable growth by boosting competitiveness, strengthening financial sector stability, and securing sustainable public finances. The fiscal and broader reforms are to achieve the program’s medium-term objectives. Structural...

Greece’s public debt has become highly unsustainable. This is due to the easing of policies during the last year, with the recent deterioration in the domestic macroeconomic and financial environment because of the closure of the banking system adding significantly to the adverse dynamics. The...

At the last review in May 2014, Greece’s public debt was assessed to be getting back on a path toward sustainability, though it remained highly vulnerable to shocks. By late summer 2014, with interest rates having declined further, it appeared that no further debt relief would have been needed...

This paper presents an update to the Report on the Observance of Standards and Codes (ROSC)—Fiscal Transparency Module for Greece. As noted in previous updates of the fiscal ROSC, much progress has been made in Greece since joining the European Union in separating government from nongovernment...

This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency for Greece. Two important steps toward improving fiscal transparency since the last ROSC update were Greece’s subscription to the Special Data Dissemination Standard in November...

This paper provides model-based projections of inflation, and quantifies the impact of the factors that determine inflation. The reasons behind the poor labor market performance in Greece and the remedial policies are discussed. The new economy is at a relatively early stage of development in...

This update to the Report on the Observance of Standards and Codes (ROSC)—Data Module on Greece highlights general recommendations, consumer price index, government finance statistics, and balance-of-payment statistics. The National Statistical Service of Greece (NSSG) has been working toward...

This paper proposes a stochastic volatility model to measure sovereign financial distress. It examines how key European sovereign credit default swap (CDS) spreads affect each other; specifically, the paper analyses the volatility structure of Germany, Greece, Ireland, Italy, Spain and Portugal....