The Eurogroup decision of November 2012 to grant further debt relief was put off for several years and was only implemented in June 2018. This undermined the growth prospects of the Greek economy and prolonged the crisis.
Had this form of debt relief been given at the beginning of the first economic adjustment programme, alongside the implementation of ambitious growth-enhancing structural reforms and an Asset Management Company to deal with NPLs, it would have had a more positive impact on the economy, possibly limiting output and employment losses.