Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- DISCUSSIONS -- A. Outlook -- B. Economic Policies -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Magnitude and Quality of Greece's Fiscal Adjustment -- 2. Stress Test -- 3. Findings of Privatization Review -- 4. Exceptional Access Criteria -- FIGURES -- 1. Demand Indicators, 2007-14 -- 2. Supply Indicators, 2007-14 -- 3. Labor Market Developments, 2007-13 -- 4. Inflation Developments, 2005-14 -- 5. Major Components of Tradeables and Nontradeables in HICP Inflation, 2007-14 -- 6. Competitiveness Indicators, 2005-14 -- 7. Balance of Payments, 2005-14 -- 8. Revenue and Expenditure Trends, 2000-13 -- 9. Financial Indicators, 2007-14 -- 10. Money and Banking Developments, 2007-14 -- 11. Household Balance Sheet, 2007-14 -- 12. Corporations' Balance Sheet, 2005-14 -- TABLES -- 1. Selected Economic Indicators, 2010-15 -- 2. Summary of Balance of Payments, 2011-19 -- 3. General Government Operations, 2011-17 -- 4. Modified General Government Cash Balance, 2012-17 -- 5. General Government: Statement of Operations (GFSM 2001, flows), 2011-16 -- 6. Monetary Survey, 2011-15 -- 7. Monetary Financial Institutions (excl. BoG)-Uses and Sources of Funds, 2011-16 -- 8. Core Set of Financial Soundness Indicators for Deposit-Taking Institutions, 2009-13 -- 9. Financial Balance Sheet (GFSM 2001, stocks), 2010-13 -- 10. Implementation of Structural Reforms -- 11. Medium-Term Macro Framework, 2012-19 -- 12. Selected Structural Reforms Ahead, 2014 -- 13. Schedule of Proposed Purchases under the Extended Arrangement, 2012-16 -- 14. State Government Financing Requirements and Sources, 2013-16 -- 15. External Financing Requirements and Sources, 2011-19 -- 16. Indicators of Fund Credit, 2012-26 -- ANNEX -- I. Debt Sustainability Analysis -- APPENDIXES -- I. Letter of Intent.

Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- II. Letter of Intent to the European Commission and the European Central Bank -- Attachment I. Memorandum of Understanding on Specific Economic Policy Conditionality -- Contents -- 1. Achieving sound public finances -- 2. Structural reforms with budgetary relevance -- 2.1. Privatising to boost efficiency in the economy and reduce public debt -- 2.1.1. PPC restructuring and privatisation -- 2.1.2. Provisions regarding the privatisation of PPC and DESFA -- 2.1.3. Reforms of the Governance of Privatisation -- 2.1.4. Reforms to speed up privatisation of real estate -- 2.1.5. Securitisation-Monetisation -- 2.1.6. Privatisation Revenues -- 2.2. Tax policy reforms -- 2.2.1. Complete the reform of the Tax Codes and Property Tax -- 2.2.2. Improving the VAT system -- 2.3. Revenue administration reforms -- 2.3.1. Organization -- 2.3.2. Fight against tax evasion, money laundering and corruption -- 2.3.3. Revenue and debt collection -- 2.3.4. Management of the Public Revenue Service -- 2.4. Public Financial Management Reforms -- 2.4.1. Monitoring and reporting -- 2.4.2. Payment flows and clearance of arrears -- 2.5. Safeguards for the delivery of fiscal commitments -- 2.5.1. Enhancing national budgetary rules in line with the EU's Fiscal Compact -- 2.5.2. Budget preparation and implementation -- 2.5.3. Corrective and sanctioning mechanisms -- 2.5.4. Debt servicing account and cash management -- 2.6. Making the public administration more efficient and effective -- 2.6.1. Reforming the public administration -- 2.6.2. Fighting corruption -- 2.6.3. Coordination of Government Policies and E-Government -- 2.6.4. ICT in Public Administration Reform -- 2.7. Avoiding waste and increasing quality through sound public procurement.

2.8. Social Security reforms to secure sustainability -- 2.8.1. Review of current system of social contributions -- 2.8.2. Improving Collection -- 2.8.3. Improving IT systems and reporting in the social security system -- 2.9. Modernising the health care system -- 2.9.1. Controlling pharmaceutical spending -- 2.9.2. Reviewing the provision of medical services contracted by EOPYY -- 2.9.3. National Health System (NHS) service provision -- 2.9.4. Centralised procurement -- 2.10. Upgrading the education system -- 3. Framework for strengthening and restructuring the banking system -- 3.1. Framework for strengthening and restructuring the banking system -- 3.2. Funding -- 3.3. Enhancing supervision and the management of troubled assets -- 3.4. Improving debt resolution processes -- 3.5. Overhaul of governance arrangements -- 3.6. Strategy for the cooperative banking sector -- 3.7. Fiscal policy that potentially undermines the solvency of banks -- 3.8. The loan and consignment fund -- 3.9. Insurance Sector -- 4. Strengthening labour market institutions and promoting employment and social inclusion -- 4.1. The wage-setting system -- 4.2. Fighting undeclared work and informality and lowering compliance costs -- 4.3. Further improving regulatory framework -- 4.4. Expanding and upgrading vocational education and apprenticeships -- 4.5. Support to the unemployed -- 4.6. Developing Social Welfare and promoting Inclusion -- 5. Creating favourable conditions for economic activity -- 5.1. Promoting an efficient and competitive business environment -- 5.1.1. Rationalising / eliminating quasi-fiscal charges -- 5.1.2. Reducing procedural and other administrative burden -- 5.1.3. Improving spatial management and planning -- 5.1.4. Enhancing competition and promoting better regulation -- 5.2. Research and development and innovation.

5.3. Reforming the judicial system to support economic activity -- 5.3.1. Review of the code of civil procedure -- 5.3.2. Judicial statistics -- 5.3.3. Tax case backlog reduction -- 5.3.4. Non-tax case backlog reduction -- 5.3.5. Development of e-justice applications in courts -- 5.3.6. Promotion of pre-trial conciliation and mediation -- 5.3.7. Other measures on judicial reform -- 6. Efficient Network Industries -- 6.1. Energy policy -- 6.1.1. Ensuring that electricity prices reflect costs -- 6.1.2. Public Service Obligation for non-interconnected islands -- 6.1.3. Providing for a financially sustainable development of renewable energy sources -- 6.1.4. Liquidity and arrears in the energy sector -- 6.1.5. Energy Markets -- 6.1.6. Fuel Market -- 6.2. Electronic communications -- 6.3. Transport and logistics -- 6.3.1. Maritime Activities and Ports -- 6.3.2. Aviation -- 6.3.3. Railways -- 6.3.4. Logistics -- 7. Competitive Services -- 7.1. The Retail Sector -- 7.2. Regulated professions, professional qualifications and provision of services -- 7.2.1. Additional measures -- 7.2.2. Easing the recognition of professional qualifications -- 8. Increasing the impact of European funding -- 8.1. European Structural and Investment Funds (ESI) -- 8.2. European Agricultural Fund and Rural Development (EAFRD) -- 9. Institutional compliance -- 9.1. Statistic -- 9.2. Other institutional requirements -- 10. Annexes -- 10.1. Government Pending Actions for privatisation -- 10.2. Regulated professions -- 10.3. Statistics to be published by the Ministry of Justice -- 10.4. Provision of Data.