Still, despite the huge efforts to avert default and redress imbalances, Greece remains under an adjustment programme, unlike Cyprus, Ireland and Portugal, which have already completed their respective programmes, although they entered these programmes later than Greece did.
This lagging behind was due to several factors, including: lack of ownership of the necessary reforms and lack of commitment, by part of the political system, to correct past errors, the anti-bailout rhetoric, rivalry and failure to reach an understanding among political parties, and the various – small and large – vested interests that have resisted reform.