Verfügbarkeit: Greece :: THWS Bibkatalog

Greece: Preliminary Draft Debt Sustainability Analysis

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...

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Körperschaft:	International Monetary Fund. European Dept (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2015
Schriftenreihe:	IMF Staff Country Reports: Country Report No. 15 / 165
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Zusammenfassung:	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 under the November 2012 framework, if the program were to have been implemented as agreed. But significant changes in policies since then-not least, lower primary surpluses and a weak reform effort that will weigh on growth and privatization-are leading to substantial new financing needs. Coming on top of the very high existing debt, these new financing needs render the debt dynamics unsustainable. This conclusion holds whether one examines the stock of debt under the November 2012 framework or switches the focus to debt servicing or gross financing needs. To ensure that debt is sustainable with high probability, Greek policies will need to come back on track but also, at a minimum, the maturities of existing European loans will need to be extended significantly while new European financing to meet financing needs over the coming years will need to be provided on similar concessional terms. But if the package of reforms under consideration is weakened further-in particular, through a further lowering of primary surplus targets and even weaker structural reforms-haircuts on debt will become necessary
Beschreibung:	1 Online-Ressource (24 p)
ISBN:	1513512358 9781513512358

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series2	IMF Staff Country Reports: Country Report No. 15 / 165
spelling	International Monetary Fund. European Dept Verfasser aut Greece Preliminary Draft Debt Sustainability Analysis International Monetary Fund. European Dept Washington, D.C International Monetary Fund 2015 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports: Country Report No. 15 / 165 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 under the November 2012 framework, if the program were to have been implemented as agreed. But significant changes in policies since then-not least, lower primary surpluses and a weak reform effort that will weigh on growth and privatization-are leading to substantial new financing needs. Coming on top of the very high existing debt, these new financing needs render the debt dynamics unsustainable. This conclusion holds whether one examines the stock of debt under the November 2012 framework or switches the focus to debt servicing or gross financing needs. To ensure that debt is sustainable with high probability, Greek policies will need to come back on track but also, at a minimum, the maturities of existing European loans will need to be extended significantly while new European financing to meet financing needs over the coming years will need to be provided on similar concessional terms. But if the package of reforms under consideration is weakened further-in particular, through a further lowering of primary surplus targets and even weaker structural reforms-haircuts on debt will become necessary Online-Ausg International Monetary Fund. European Dept Sonstige oth http://www.elibrary.imf.org/view/IMF002/22645-9781513512358/22645-9781513512358/22645-9781513512358.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Greece Preliminary Draft Debt Sustainability Analysis
title	Greece Preliminary Draft Debt Sustainability Analysis
title_auth	Greece Preliminary Draft Debt Sustainability Analysis
title_exact_search	Greece Preliminary Draft Debt Sustainability Analysis
title_exact_search_txtP	Greece Preliminary Draft Debt Sustainability Analysis
title_full	Greece Preliminary Draft Debt Sustainability Analysis International Monetary Fund. European Dept
title_fullStr	Greece Preliminary Draft Debt Sustainability Analysis International Monetary Fund. European Dept
title_full_unstemmed	Greece Preliminary Draft Debt Sustainability Analysis International Monetary Fund. European Dept
title_short	Greece
title_sort	greece preliminary draft debt sustainability analysis
title_sub	Preliminary Draft Debt Sustainability Analysis
url	http://www.elibrary.imf.org/view/IMF002/22645-9781513512358/22645-9781513512358/22645-9781513512358.xml
work_keys_str_mv	AT internationalmonetaryfundeuropeandept greecepreliminarydraftdebtsustainabilityanalysis

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