More generally, the Greek banks have benefited from a number of monetary policy measures taken by the ECB, such as interest rate cuts and targeted longer-term refinancing operations (TLTROs).
In the past, we have sometimes overestimated wage inflation, as we failed to properly factor in people who gave up on the job market or those forced to accept part-time rather than 1/4  BIS central bankers' speeches  full-time jobs.