There is also the capacity to reduce costs significantly, to reduce the necessity for businesses to have a physical presence, and to create opportunities for new, small-scale producers to enter the increasingly globalised markets.
For an adjustment programme to be effective, all the inter-connected parts must be in place. In the early stages of the programme, that did not happen. Implementation in each of these areas was slow and inefficient, exacerbating the contraction. The slow pace of implementation of structural changes contributed to a rise of uncertainty, including widespread speculation of a Greek exit from the euro.