See also Stephanie R. Aaronson, Mary C. Daly, William L. Wascher, and David W. Wilcox (2019), “Okun Revisited: Who Benefits Most from a Strong Economy?” Brookings Papers on Economic Activity, Spring, pp. 333–75, https://www.brookings.edu/wpcontent/uploads/2019/03/aaronson_web.pdf.
True, the EU-IMF agreement requires deleveraging by the banks, but the authorities are closely monitoring this deleveraging to try to ensure that, as intended and agreed with the Troika, it falls mainly on non-core business (mostly abroad) and run-offs. The intention is the deleveraging would not affect credit availability for the recovery at home.