Is the range of conditionality in the Greek program a return to the more traditional IMF “austerity” measures of the past?
No. There are three key differences: • This program is focused on Greece’ two key problems: high debt and a lack of competitiveness. Conditionality is very much focused on these issues. • The Greek authorities have strong ownership and leadership and it is their program. • The program includes measures to protect the most vulnerable, which are a critical component to effective implementation.
