In Greece, the fiscal deficit was reduced by 13 percentage points of GDP between 2009 and 2013, the largest fiscal consolidation recorded in history in such a short period. The primary budget deficit [10.2 as a per cent of GDP in 2009] turned into a surplus exceeding 1 per cent of GDP in 2013.
The cyclically-corrected adjustment of the primary balance was close to 20 per cent of GDP at the same period. The rest of the programme countries have also undertaken substantial adjustment efforts. What makes these achievements especially impressive is that they have taken place in a contracting economy.