Greece Selected Issues

This Selected Issues paper analyzes insolvency and enforcement issues in Greece. The Greek insolvency and creditor rights framework has improved since the onset of the crisis as a result of successive reforms. Nonetheless, it remains underutilized, fragmented, and distortive, and is not supported by...

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Bibliographic Details
Corporate Author: International Monetary Fund European Dept
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2017
Series:IMF Staff Country Reports
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 47 pages 
651 4 |a Greece 
653 |a Population & demography 
653 |a Revenue administration 
653 |a Private Pensions 
653 |a Tax Evasion and Avoidance 
653 |a Pension spending 
653 |a Finance 
653 |a Labour 
653 |a Social Security and Public Pensions 
653 |a Public finance & taxation 
653 |a Nonwage Labor Costs and Benefits 
653 |a Financial sector policy and analysis 
653 |a Bankruptcy 
653 |a Debt 
653 |a Population aging 
653 |a Labor 
653 |a Expenditure 
653 |a Tax arrears management 
653 |a Solvency 
653 |a Retirement 
653 |a Taxation, Subsidies, and Revenue: General 
653 |a Demography 
653 |a Liquidation 
653 |a Pensions 
653 |a Tax administration and procedure 
653 |a Taxation 
653 |a Public Finance 
653 |a Finance: General 
653 |a Income economics 
653 |a Tax administration core functions 
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520 |a This Selected Issues paper analyzes insolvency and enforcement issues in Greece. The Greek insolvency and creditor rights framework has improved since the onset of the crisis as a result of successive reforms. Nonetheless, it remains underutilized, fragmented, and distortive, and is not supported by an adequate institutional setting. This is because many of the reforms undertaken in recent years were not part of a coordinated and comprehensive nonperforming loan resolution strategy, but were instead piecemeal and taken without proper stakeholder consultation and impact analysis. Also, the frequent and uncoordinated reforms have undermined legal predictability and certainty. This situation of distress, if left unaddressed, affects enterprises, households and financial and public creditors by preventing investment, credit, and consumption from recovering