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European CommissionThe Second Economic Adjustment Programme for Greece. Fourth ReviewC2: GOVERNMENT DEBT2012 2013 2014 2015 2016levels (EUR billion)Debt 303.9 318.6 322.3 324.1 321.1Change in debt -51.3 14.7 3.7 1.7 -2.9Government deficit (+ is a deficit) 1/ 12.3 5.8 5.2 3.9 1.3Stock-flow adjustment -63.6 8.9 -1.5 -2.2 -4.3% GDPDebt 157.2 175.0 177.2 172.4 162.9Change in the ratio -13.1 17.8 2.2 -4.8 -9.5Contributions:Primary balance (+ is a deficit) 1/ 1.3 -0.8 -1.6 -3.0 -4.5“Snow-ball” effect 18.4 13.7 4.6 -0.6 -2.9Stock-flow adjustment -32.9 4.9 -0.8 -1.2 -2.21/ The numbers in the table are consistent with programme definitions as laid out in the technical memorandum ofunderstanding (TMU). The main differences compared with the ESA-95 definition are the exclusion from theprogramme definition of ANFA and SMP profit transfers, most sales of non-financial assets, and costs related tobank resolutions and recapitalisations.138
ANNEX 3: UPDATED PROGRAMME DOCUMENTSANNEXAnnex 3: Updated programme documentsLetter of IntentMemorandum of Understandinga) Memorandum of Economic and Financial Policiesb) Memorandum of Understanding on Specific Economic Policy conditionalityc) Technical Memorandum of UnderstandingNote: the Memorandum of Economic and Financial Policies and the Technical Memorandumof Understanding will be included in this document as soon as the related internal IMFprocedures are finalised.139
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Occasional Papers are written by th
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OUTLINE OF THE REPORTEXECUTIVE SUMM
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LIST OF GRAPHSGraph 1. Economic cli
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ACKNOWLEDGEMENTSThe report was prep
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European CommissionThe Economic Adj
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1. INTRODUCTION1. INTRODUCTION1. Th
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2. MACROECONOMIC AND FINANCIAL DEVE
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2. Macroeconomic and financial deve
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Chart 3Graph 2.3. Exports of goods
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European CommissionThe Second Econo
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Chart 17Graph 11.1 labour reform in
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Chart 18Graph 13.1. Distance to Fro
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4. DEBT SUSTAINABILITY ANALYSIS AND
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4. Debt sustainability analysis and
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4. Debt sustainability analysis and
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Table 12. List of Milestones to be
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Memorandum of Understanding on Spec
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OCCASIONAL PAPERSOccasional Papers
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No. 46No. 47No. 48No. 49The Western
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No. 80 2011 Pre-accession Economic
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No. 119No. 120No. 121No. 122Possibl
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No. 1582013 Economic and Fiscal Pro
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