This has raised expectations of a possible reprofiling of the Promissory Notes, on which the Government makes an annual payment of € billion, or 2 per cent of GDP. Agreement that results in a more favourable time profile of payments would improve the  14  See “Rettung für den Musterknaben”, Der Spiegel, January 7, 2013, p. 28.
This, in turn, would accelerate a reallocation of production resources towards exports and increase Greece’s long-term potential output (see Olosfdotter, 1998, and Reisen and Soto, 2001). 8th Maintaining labour market flexibility and supporting the long-term unemployed, so as to avoid losing the gains in competitiveness and employment growth from the painstaking reform effort of the period 2010–2017. 9th Enhancing the so-called ‘knowledge triangle’, i.e.