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This report identifies emergency measures to address the most pressing needs of vulnerable groups, notably youth and jobless households. It also shows that a comprehensive strategy, involving action at the European level, would contribute to placing the Greek economy on a sustainable growth path

Cover -- CONTENTS -- REFORMS, LABOR MARKET DYNAMICS, AND COMPETITIVENESS -- A. Background -- B. Pre-Crisis and the 2011-12 Labor and Product Market Reforms -- C. Unit Labor Costs and Labor Market Developments -- D. Competitiveness and the Role of the Minimum Wage -- E. Competitiveness and the Role of the Non-Wage Cost Factors -- F. Conclusion and Policy Implications -- References -- FIGURES -- 1. Change in Unit Labor Costs in Selected Countries -- 2. Employment Protection in Selected Countries -- ANNEXES -- I. Labor and Product Market Reform Retrospective -- II. Minimum Wage Policy: Effects and Estimates -- THE QUALITY OF GREECE'S EXTERNAL ADJUSTMENT -- A. Background -- B. Was it Structural or Cyclical? -- FIGURES -- 1. Current Account Balance in Selected Countries -- 2. Current Account Decomposition into Cyclical and Structural Factors -- 3. Detailed Current Account Decompostion and Forecasts -- 4. Comparison of Current Account Adjustment in Selected Countries -- INSTALLMENT SCHEMES, ARREARS, AND PAYMENT CULTURE -- TABLES -- 1. Share of Taxpayers -- 2. SSCs Installment Scheme Participation as of March 2019 -- 3. VDI Results -- References -- PRIMARY RESIDENCE PROTECTION IN GREECE: IMPACT AND RECOMMENDATIONS FOR REFORM -- A. Introduction -- B. Legal Framework: Primary Residence Protection -- C. Options for Reform -- References -- BOXES -- 1. Law 3869/10 (The "Katseli" Law) -- 2. History of Residential Mortgage Protection Laws -- 3. Personal Insolvency Laws in Selected Countries -- 4. Housing Cost and Social Assistance in Greece -- FIGURE -- 1. Legacies of Severe Economic Crisis -- PUBLIC FINANCIAL SUPPORT TO GREEK BANKS OVER THE CRISIS -- A. Capital and Liquidity Support Measures in 2008-2018 -- B. Outcomes: Incurred Fiscal Costs and Remaining Risks -- References -- COST EFFECTIVENESS OF STATE SUPPORT FOR BANKS.

This paper discusses Greeceâ??s Fifth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF), and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access. Greece has gone from having the weakest to the strongest cyclically adjusted fiscal position within the euro area in just four years. But more fiscal adjustment is needed to restore debt sustainability. Structural reforms are progressing, although unevenly. The redoubling of efforts to liberalize products and service markets are much welcomed. On the basis of reforms undertaken in the contex

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Pursuing Pro-Growth Fiscal Policy -- B. Restoring Bank Health to Support Growth -- C. Fostering Employment -- D. Product Market Reforms to Accelerate Productivity -- E. Addressing Public Sector Efficiency and Governance Issues -- F. Future Fund Engagement -- STAFF APPRAISAL -- BOX -- 1. Stress Test Results for Greek Banks -- FIGURES -- 1. Competitiveness Indicators -- 2. Macroeconomic Developments -- 3. Fiscal Developments - General Government -- 4. Financial Sector Developments -- 5. Labor Market and Employment Developments, 2013-17 -- TABLES -- 1. Medium-Term Macro Framework, 2016-23 -- 2. Summary of Balance of Payments, 2016-23 -- 3. General Government Operations, 2016-23 -- 4. Monetary Survey, 2012-17 -- 5. Core Set of Financial Soundness Indicators (Deposit Taking Institutions), 2012-17 -- 6. General Government Financing Requirements and Sources, 2017-23 -- 7. External Financing Requirements and Sources, 2017-23 -- ANNEXES -- I. Implementation of Past IMF Recommendations -- II. The Greek Authorities' Growth Strategy -- III. Progress on Relaxation of Capital Flow Management Measures -- IV. External Sector Assessment -- V. Debt Sustainability Analysis -- VI. Long-Run Growth and Primary Balance Projections -- VII. Risk Assessment Matrix -- VIII. Social Welfare Reforms in Greece -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES