Cover -- CONTENTS -- CONTEXT -- OUTLOOK AND RISKS -- REPORT ON DISCUSSIONS AND PROGRAM POLICIES -- A. Fiscal Policy: Laying the Groundwork for Fiscal and Debt Sustainability -- B. Use of Monetary Policy to Ease the Economic Slowdown -- C. Maintaining Financial Stability in the Face of Continued Challenges -- D. Embarking on a Path of Sustained Medium-term Growth -- PROGRAM MODALITIES AND RISKS -- STAFF APPRAISAL -- BOXES -- 1. Implementation Recommendations of the 2012 Article IV Consultation -- 2. Reform Agenda -- 3. Possible Tax and Expenditure Measures, 2014-16 -- 4 Exchange Rate Assessment -- 5. Conclusions of the 2013 FSAP -- 6. Program Modalities and Risks -- FIGURES -- 1. Background and Outlook -- 2. External Sector Developments -- 3. Fiscal Developments -- 4. Inflation and Monetary Developments -- 5. Financial Sector Developments -- 6. Business Environment and Labor Market -- 7. Governance and Public Finances -- TABLES -- 1. Basic Indicators and Macroeconomic Framework, 2009-19 -- 2a. General Government Operations, 2009-19 -- 2b. General Government Operations, 2009-19 -- 3a. Balance of Payments, 2009-19 (Percent of GDP) -- 3b. Balance of Payments, 2009-19 (Millions of euros) -- 4a. Monetary Survey, 2009-14 -- 4b. Summary of Accounts of the Central Bank, 2009-14 -- 5. IMF Core Indicators of Financial Soundness, December 2005-June 2013 -- 6. External Financing Requirement and Sources, 2012-19 -- 7. Schedule of Review and Purchases (provisional) -- 8. Indicators to Capacity to Repay to the Fund, 2012-19 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- ANNEXES -- I. Risk Assessment Matrix -- II. Debt Sustainability Analysis -- III. External Debt Sustainability -- CONTENTS -- FUND RELATIONS -- WORLD BANK GROUP RELATIONS.

STATISTICAL ISSUES.