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OECD Economic Surveys: Greece 2009 by OECD Organisation for Economic Co-operation and Development

By OECD Organisation for Economic Co-operation and Development

OECD's periodic evaluation of Greece's economy.  This 2009 version examines how good Greece is weathering the commercial crisis. It additionally seems at the right way to deliver Greece's public funds directly to a sustainable course, the right way to enhance the functionality of the general public overall healthiness care approach, and the way to elevate schooling results. Greece has weathered the industrial predicament really good, yet placing public financing on a sustainable direction would require strengthening tax management and tighter expenditure administration. Greek health and wellbeing results examine favorably with the OECD normal however the process is  noticeable as now not operating good by means of the population. Greece's academic symptoms lag in the back of these of different OECD international locations and OECD makes wide-ranging suggestions during this report.Table of content material :Executive Summary-Assessment and suggestions bankruptcy 1. Weathering the foreign Crisis-STRONG-Although weakened, the Greek financial system has stood up really good to the preliminary impacct of the crisis-Greece is, although, not going to prevent a recession-How should still monetary coverage react?-Is the Greek monetary zone good armed to stand the industrial and fiscal crisis?-The experts may still supply precedence to reforming the general public sector-Structural reforms on labour and items markets has to be pursued-Annex 1.A1. development in structural reformSTRONG bankruptcy 2. bettering economic Viability/STRONG-Enhance profit functionality with a unique specialise in taxation-Achieving a greater contorl of basic expenditure-The projected surge in pension spending threatens the soundness of public financesBRChapter three. enhancing the functionality of the general public healthiness care systemSTRONG-Performance and major challenges-The employer of the wellbeing and fitness care method impairs its efficiency-The caliber and potency of public overall healthiness care companies must be improved-Conclusions and recommendationsAnnex 3.A1. facts envelopment research Anenx 3.A2. a brand new mechanisms for tracking prescriptions for drugs-Chapter four. elevating schooling OutcomesSTRONG-An evaluate of the schooling system-Education outcomes-How to enhance the functionality of the schooling procedure?

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The areas with most scope for additional reforms are: ● The number of procedures and the time needed for business registration should be reduced further to contain the high administrative costs incurred in meeting legal obligations. The fast development of a national registry for buildings and land is also important for the set-up and expansion of businesses. ● Regulation of professional services should be eased. This is among the most restrictive regime in the OECD according to indicators covering the legal, accounting, engineering and architectural professions (2003).

While Greek banks have a relatively small market share (less than 5% of assets) in Turkey, they are among the largest foreign lenders in Romania and Bulgaria (Maechler and Ong, 2009). Their operations, which primarily consist of loans to local non-banking borrowers or Greek firms, were only partially funded through deposits. The ratio between deposits and loans denominated in local currency was around 65% in the third quarter of 2008. The four main Greek banking groups are exposed to several types of risks in the region, which are differentiated across countries.

Publish the results of the Bank Lending Survey. ● Consider changing the bank provisioning mechanism to limit the procyclical nature of credit supply – drawing on the Spanish experience – in the context of an EU move in that direction. Fiscal policy 44 ● Pursue fiscal adjustment in 2009-10 by implementing the measures announced, which aim at a reduction of the structural deficit by about 2½ per cent of GDP, and let automatic stabilisers work beyond this consolidation effort. Identify a set of specific measures to bring the public accounts into balance by 2014.

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