Alternatively, if interest rate smoothing were to occur and the costs shared equally between Greece and the ESM, this would also lead to more favourable outcomes. 4. Conclusions and final remarks The economic adjustment and the structural improvements during the past seven years have made Greece more business friendly, have created significant investment opportunities, and have generated positive prospects for the Greek economy.
The realization of these positive prospects requires a consistent and determined implementation of the reform and privatization programme including tackling the private debt overhang problem. These enable the adoption of medium-term measures to ensure the sustainability of Greek public debt, which will pave the way for the inclusion of Greek government bonds in the ECB’s quantitative easing programme.