Greece: Priorities for a Return to Sustainable Growth (IMF)

Author/Editor: International Monetary Fund. European Dept.

Publication Date: February 7, 2017

Electronic Access: Free Full text (PDF file size is 3309 KB). Use the free Adobe Acrobat Reader to view this PDF file


Despite the policy constraints imposed by its membership in the currency union, Greece has made significant progress in unwinding its macroeconomic imbalances. But extensive fiscal consolidation and internal devaluation have come with substantial costs for society, which contributed to delays in reform implementation and to policy reversals since the last Article IV Consultation, culminating in a renewed crisis of confidence in 2015. Since then, the situation has stabilized, and growth is estimated to have resumed modestly in 2016. Notwithstanding the substantial progress achieved by Greece, it still faces fundamental challenges: (i) a vulnerable structure of the public finances; (ii) significant tax evasion and an ineffective tax administration; (iii) impaired bank and private sector balance sheets; and (iv) pervasive structural obstacles to investment and growth. Moreover, its public debt remains highly unsustainable, despite generous official relief already provided by its European partners. Addressing these remaining challenges and restoring debt sustainability are essential to creating a vibrant and dynamic private sector capable of generating sustainable and equitable growth and employment.

Series: Country Report No. 17/40

Good bye Human Living; Welcome Artificial Living! (Shivadhar Soma)

“Today a person is subjected to more new information in a day than a person in the middle ages in his entire life!

From the time the world started going into digitisation, we have been punching data and more of it. The machines started replacing humans and started generating tons of data as their birthright. Their job is to make data, more data and much more. Over a period of time, there was so much of it that the bytes have become kilobytes, from kilo to mega, mega to giga, giga to tera, tera to peta, peta to exa, exa to zetta… phew! Did we start to lose our mojo? And the belief in super human powers?

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White Paper on the future of Europe: reflections and scenarios for the EU27


The White Paper presented by the European Commission on 1 March sets out possible paths for the future of Europe. We face a great many challenges, from globalisation, to the impact of new technologies on society and jobs, to security concerns and the rise of populism, and we must ensure we are not overwhelmed but rather that we seize the opportunities that these trends present.

This is why the White Paper offers five scenarios for the Union’s evolution, depending on the choices we will make.

The White Paper marks the start, not the end, of this debate. The next step will be the Rome Summit on 25 March. There, leaders of the European Union will come together to celebrate the 60th anniversary of the Treaties of Rome, reflecting on past achievements and debating what our shared future could and should look like.

Work will thereafter continue in earnest so that we have a plan, a vision and a way forward to present to the people by the time we hold European Parliament elections in June 2019.

It is for all of us to have a say: we have Europe’s future in our own hands.

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