OECD Economic Surveys: Greece 2009

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Executive Summary
Greece has initially held up better during the global economic crisis than many other OECD countries. It is unlikely, however, to avoid a recession as confidence, tourism and shipping receipts have all fallen substantially. The financial sector may face pressures from a contracting real estate sector and its exposure to the emerging economies of south-eastern Europe. The authorities have responded with fiscal measures and a plan to assist the financial sector. However, their room for policy manoeuvre is tightly restricted by the high public debt, repeated fiscal slippages and the large external and internal imbalances, which have been reflected in high sovereign interest-rate spreads since the end of 2008 as risk aversion rose.
Also available in: French
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