Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS -- DISCUSSIONS -- A. Outlook -- B. Economic Policies -- PROGRAM MODALITIES -- STAFF APPRAISAL -- TABLES -- 1. Selected Economic Indicators, 2009-13 -- 2. Modified General Government Cash Balance, 2012-16 -- 3. General Government Operations, 2010-17 -- 4. General Government Statement of Operations (GFSM 2001, flows), 2010-16 -- 5. Financial Balance Sheet (GFSM 2001, stocks), 2008-12 -- 6. Summary of Balance of Payments, 2010-18 -- 7. Monetary Survey, 2010-14 -- 8. Monetary Financial Institutions (excl. BoG)-Uses and Sources of Funds, 2010-16 -- 9. Core Set of Financial Soundness Indicators for Deposit Taking Institutions, 2009-12 -- 10. Revenue Collection Process-Issues and Actions -- 11. Spending Process-Issues and Actions -- 12. Implementation of Structural Reforms -- 13. Medium-Term Macro Framework, 2012-18 -- 14. Autonomy of the Tax Administration: Revenue Agency vs. General Secretariat of Public Revenue -- 15. Selected Structural Reforms Ahead, 2013-14 -- 16. Privatization Process -- 17. Schedule of Proposed Purchases under the Extended Arrangement, 2012-16 -- 18. General Government Financing Requirements and Sources, 2012-16 -- 19. External Financing Requirements and Sources, 2010-18 -- 20. Indicators of Fund Credit, 2012-26 -- FIGURES -- 1. Selected Economic Indicators, 2005-13 -- 2. Inflation Developments, 2005-13 -- 3. Competitiveness Indicators, 2005-13 -- 4. Balance of Payments Developments, 2010-13 -- 5. Financial Indicators, 2007-13 -- 6. Money and Banking Developments, 2007-13 -- 7. Revenue and Expenditure Trends, 2000-18 -- BOXES -- 1. Spillovers from Cyprus -- 2. Framework to Deal with Household Debt -- 3. Exceptional Access Criteria -- APPENDICES -- I. Debt Sustainability Analysis -- II. Fund Relations -- III. Letter of Intent.

IV. Memorandum of Economic and Financial Policies -- V. Technical Memorandum of Understanding -- VI. Letter of Intent to the European Commission and the European Central Bank -- VII. Memorandum of Understanding on Specific Economic Policy Conditionality -- 1 Achieving sound public finances -- 2 Structural reforms with budgetary relevance -- 2.1 Privatising to boost efficiency in the economy and reduce public debt -- 2.2 Tax policy reform -- 2.3 Revenue administration reforms -- 2.4 Public Financial Management Reforms -- 2.5 Safeguards for the delivery of fiscal commitments -- 2.6 Other institutional requirements -- 2.7 Making the public administration more efficient and effective -- 2.8 Avoiding waste and increasing quality through sound public procurement -- 2.9 Completing the pension reform to secure sustainability -- 2.10 Modernising the health care system -- 2.11 Upgrading the education system -- 3 Stabilising the financial system -- 3.1 Framework for restructuring and strengthening of the banking system -- 3.2 Funding -- 3.3 State-owned preference shares of the banks -- 3.4 Adaptation of banking supervision -- 3.5 Follow up stress testing -- 3.6 Management of assets under liquidation -- 3.7 Review of legal insolvency frameworks -- 3.8 Minimisation of significant risks associated with the deterioration of banks loan portfolios -- 3.9 Governance of financial institutions -- 3.10 Loan and Consignment Fund -- 4 Strengthening labour market institutions and promoting employment -- 4.1 Reforms in the wage-setting system -- 4.2 Reducing non-wage labour costs -- 4.3 Lowering compliance costs, fighting undeclared work and informality -- 4.4 More transparent and enforceable labour law -- 4.5 Support to the unemployed -- 5 Creating favourable conditions for economic activity -- 5.1 Promoting an efficient and competitive business environment.

5.2 Reforming the judicial system to support economic activity -- 6 Efficient Network Industries and Services -- 6.1 Energy policy -- 6.2 Electronic communications -- 6.3 Transport -- 6.4 The Retail Sector -- 6.5 Regulated professions, professional qualifications and provision of services -- 7 Increasing the impact of structural and cohesion funds -- 8 Monitoring -- 8.1 Statistics -- 9 Annexes -- 9.1 Privatisation plan and intermediate steps -- 9.2 Regulated professions: regulated professions / economic activities whose regulatory framework needs to be adjusted to applicable opinions of the Hellenic Competition Commission and other requirements -- 9.3 Agreed roadmap between the Greek Ministry of Justice and the EC/IMF/ECB for the review of the code of Civil Procedure -- 9.4 Statistics to be published by the Ministry of Justice -- 9.5 Non-exhaustive list of regulations on port work for review under the new port strategy -- 9.6 Provision of Data -- Appendix Tables -- Table AI.1. Greece: Public Sector Debt Sustainability Framework: Baseline -- Table AI.2. Greece: Public Sector Debt Sustainability Framework: Alternative Scenario, 2008-30 -- Table AI.3. Greece: External Debt Sustainability Framework, 2007-21 -- Table 1a. Greece: Quantitative Performance Criteria -- Table 1b. Greece: Program Quantitative Performance Criteria -- Table 2. Greece: Structural Benchmarks, December 2012 - April 2013 -- Table 3. Greece: Prior Actions -- Table 4. Greece: Existing and Proposed Structural Benchmarks -- Table 5. Greece: Schedule of Proposed Purchases Under the Extended Arrangement, 2012-16 -- Table 1. Greece: Prior Actions -- Table 2. Prior Action: Key Performance Indicators on Tax Administration -- Table 3. Prior Action: Key Performance Indicators on Public Financial Management Reforms -- Appendix Figures.

Figure AI.1. Greece: Public Debt Sustainability: Bound Tests, 2008-18 -- Figure AI.2. Greece: Public Debt Sustainability: Alternative Scenario, Bound Tests, 2008-18 -- Figure AI.3. Greece: External Debt Sustainability: Bound Tests, 2007-21.