Greece, which became of member of the IMF on December 27, 1945, has an IMF quota of SDR 823.0 million.

9/05/2010 The Executive Board of the International Monetary Fund (IMF) today approved a threeyear SDR 26.4 billion (30 billion) Stand-By Arrangement for Greece in support of the authorities economic adjustment and transformation program. This front-loaded program makes SDR 4.8 billion (about 5.5 billion) immediately available to Greece from the IMF as part of joint financing with the European Union, for a combined 20.0 billion in immediate financial support. In 2010, total IMF financing will amount to about 10 billion and will be partnered with about 30.0 billion committed by the EU. The Stand-By Arrangement, which is part of a cooperative package of financing with the European Union amounting to 110 billion (about US$145 billion) over three years, entails exceptional access to IMF resources, amounting to more than 3,200 percent of Greeces quota, and was approved under the Fund's fast-track Emergency Financing Mechanism procedures. Program Summary The authorities program focuses on the three key challenges: 1) Restoring confidence and fiscal sustainability: The program envisages an exceptionally strong frontloaded fiscal effort, with fully identified measures through 2013. This is to bolster confidence, regain market access, and put the debt-to-GDP ratio on a firmly declining path from 2013. The measures are also designed to buffer Greeces most vulnerable. 2) Restoring competitiveness: The program includes nominal wage and benefit cuts and structural reforms to reduce costs and improve price competitiveness, which would help Greece transition to a more investment and export-led growth model. It also envisages improved transparency and a reduced role of the state in the economy. 3) Safeguarding financial sector stability: As the banking system goes through a period of deflation, which is expected to impact profitability and bank balance sheets, the safety net for dealing with solvency pressures will be expanded by establishing a Financial Stability Fund (FSF). To mitigate liquidity pressures stemming from the downgrading of the sovereign, the already existing government banking liquidity support facilities will be extended.

2009

2010

2011

2012

2013

2014

2015

Projections

(Percentage change, unless otherwise indicated) Domestic economy Real GDP Output gap (percent of pot. output) Total domestic demand Private consumption Public consumption Gross fixed capital formation -2.0 4.0 -2.4 -1.8 9.6 -13.9 -4.0 -1.1 -7.1 -4.0 -10.6 -11.4 -2.6 -4.6 -5.2 -3.7 -5.1 -11.8 1.1 -4.7 0.1 0.8 -3.6 0.8 2.1 -4.0 1.7 2.8 -6.6 4.8 2.1 -3.7 1.8 2.5 -3.2 3.5 2.7 -3.1 2.1 2.5 -0.1 2.3

Change in stocks (contribution) Foreign balance (contribution) Exports of goods and services Imports of goods and services Unemployment rate (percent) Consumer prices (HICP), period average GDP deflator

0.0 0.7 -18.1 -14.1 9.4 1.3 1.4

-1.0 3.8 4.5 -9.7 11.8 1.9 1.2

0.0 3.6 5.4 -6.1 14.6 -0.4 -0.5

0.0 1.0 5.9 1.6 14.8 1.2 1.0

0.0 0.4 6.0 3.8 14.3 0.7 0.7

0.0 0.5 5.9 4.6 14.1 0.9 1.0

0.0 0.3 6.0 3.7 13.4 1.0 1.1

(Percent of GDP) Balance of payments Current account Trade balance Total transfers Net income receipts Net international investment position -11.2 -7.7 0.5 -4.1 -86 -8.4 -3.5 0.4 -5.2 -95 -7.1 -0.2 0.5 -7.5 -104 -5.6 0.6 0.5 -6.7 -106 -4.0 1.3 0.4 -5.7 -106 -2.8 1.9 0.4 -5.1 -105 -1.9 2.4 0.3 -4.7 -102

Public finances (general government) Total revenues 1/ Total expenditures 1/ Measures (cum.) 2/ Overall balance Primary balance Gross debt 36.9 50.4 -13.6 -8.6 115 40.0 50.5 2.5 -8.1 -2.4 133 39.0 53.2 6.7 -7.6 -0.9 145 38.5 53.9 9.0 -6.5 1.0 149 38.2 54.0 11.0 -4.8 3.1 149 37.2 52.3 12.6 -2.6 5.9 146 36.3 50.6 12.2 -2.0 6.0 140

Interest rates and credit Long-term lending interest rate 3/ Private credit growth 4/ 5.7 4.2 5.6 ... ... ... ... ... ... ... ... ... ... ...

Exchange rates Nominal effective exchange rate 3/ Real effective exchange rate (CPI-based) 3/ 0.7 1.8 0.6 1.6 ... ... ... ... ... ... ... ... ... ...

Memorandum item: Nominal GDP (billions of euro) Nominal GDP (percentage change) 237 -0.7 231 -2.8 224 -3.1 228 2.1 235 2.8 242 3.1 251 3.8

SS Sources: National Statistical Service; Ministry of Economy and Finance; Bank of Greece; and IMF staff estimates. 1/ Excluding unidentified measures. 2/ Measures fully identified up to 2013. 3/ As of January 2010. 4/Domestic credit growth of households and enterprises.

10/09/2010

The Executive Board of the International Monetary Fund (IMF) today completed the first review of Greeces performance under an economic program supported by a 3-year, SDR 26.4 billion (about 30 billion) Stand-By Arrangement (SBA).

17/12/2010 The Executive Board of the International Monetary Fund (IMF) today completed the second review of Greeces economic performance under a program supported by a threeyear Stand-By Arrangement (SBA) for Greece. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 2.16 billion (about 2.5 billion), bringing total disbursements under the SBA to SDR 9.13 billion (about 10.58 billion).

14/03/2011 The Executive Board of the International Monetary Fund (IMF) today completed the third review of Greeces economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for Greece. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 3.6 billion (about 4.1 billion), bringing total Fund disbursements under the SBA to an amount equivalent to SDR 12.725 billion (about 14.6 billion).

08/07/2011 The Executive Board of the International Monetary Fund (IMF) today completed the fourth review of Greeces economic performance under a program supported by a threeyear Stand-By Arrangement (SBA) for Greece. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 2.9 billion (about 3.2 billion), bringing total Fund disbursements under the SBA to an amount equivalent to SDR 15.6 billion (about 17.4 billion).

05/12/2011 The Executive Board of the International Monetary Fund (IMF) today completed the fifth review of Greeces economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for Greece. The completion of the review enables the immediate disbursement of an amount equivalent to SDR1.9 billion (about 2.2 billion), bringing total Fund disbursements under the SBA to an amount equivalent to SDR 17.5 billion (about 20.3 billion).

The second Greek program 15/03/2012 The Executive Board of the International Monetary Fund (IMF) today approved a fouryear SDR 23.8 billion (about 28 billion, or US$36.7 billion) arrangement under the Extended Fund Facility (EFF) for Greece in support of the authorities economic adjustment program. The approval allows for an immediate disbursement of SDR 1.4 billion (about 1.65 billion, or US$2.2 billion). The EFF arrangement entails exceptional access to IMF resources, amounting to 2,159 percent of Greeces quota. The Executive Board also took note of Greeces cancellation of the three-year Stand-By Arrangement (SBA) for Greece which had been approved in May 2010 Program Summary The Greek authorities economic program aims, over time, at restoring competitiveness and growth, attaining fiscal sustainability and financial stability. While building on progress made under the SBA, the authorities recalibrated their program strategy to place additional emphasis on the implementation of structural reforms to accelerate economic growth and employment. Strengthening competitiveness: The program aims to make the labor market more dynamic to improve competitiveness, strengthen growth and reduce unemployment. Enhanced measures to reduce rigidities in the product and service markets will be implemented to increase competition and decrease prices. Through ambitious privatization and steep reductions in bureaucratic barriers to investment, the government aims to restore investment and growth. Improving the fiscal position: The program provides room for structural reform impacts in 2012, targeting a primary deficit of 1 percent of GDP. The bulk of fiscal adjustment, however, will take place in 2013-14 to bring the primary balance to the new target of 4 percent of GDP. To improve the fiscal position, the government will focus on improving tax collection, but even with an ambitious effort in this area some 5 percent of GDP in additional spending cuts will be needed. These will focus on reducing the size of government and more efficiently targeting social transfers. The core safety net will be strengthened to protect the most vulnerable in society. Restoring financial sector stability: Significant resources will be set channeled to help banks cope with the impact of the recession and the restructuring of government debt. Government support will be structured so as to provide incentives to maintain private ownership where feasible. The framework for bank resolution and recapitalization and for financial sector oversight will also be strengthened, to ensure effective stewardship of bank recapitalization funds, and effective oversight of the system. Reducing debt levels: A combination of private and official sector involvement is expected to deliver enough debt relief to place debt on a trajectory to fall below 120 percent of GDP by 2020 under the program baseline. Growth Expectations Growth in 2012 is expected to be in the range of -4 to -5 percent, given the dominant influence of fiscal adjustment and labor market reforms. The recovery is expected to begin, quarter-over-quarter, in 2013, and benefit from moderate cyclical developments in 2014-2016.