Lessons from the Greek Crisis | Eurobank
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The Greek crisis has had a devastating economic and social cost. The economic warning signals were to a great extent ignored, not only domestically, but also by international markets, rating agencies and European official institutions. Ten major policy mistakes were made either by Greece or by the official creditors that unnecessarily exacerbated and prolonged the cost and duration of the adjustment. Eleven key obstacles and delays to reforms continue to inhibit and undermine a faster and more sustainable economic growth rate. It would take strong and sustainable growth rates of exports and investment for at least 10 years for delivering annual GDP growth in excess of 3%. Ownership of structural reforms is key.