This positive outcome creates a strong carryover effect of 0.5 percentage point for GDP growth in the current year, which supports the outlook for a growth rate of around 2% and 2.5% in 2018 and 2019 respectively. Indeed, this is a fortunate moment for Greece.
It is a central lesson from the crisis that a second line of defence is needed to prevent individual banks that still fail from triggering a systemic crisis. This issue is particularly acute in the case of systemically important financial institutions (SIFIs).