The authors Klaus Schrader, David Benček and Claus-Friedrich Laaser answer the question whether the Greek economy is recovering from the deep economic crisis and, particularly, whether the country has made any progress towards structural reforms as propagated by European policy makers. Against the background of Greece’s economic potential they also analyse whether Greece’s public debt is sustainable as presumed by the troika. The results of their analysis are rather pessimistic: Greece still lacks a new business model that could generate sustainable economic growth. The reform process has to be sped up and professionalized significantly. In the authors’ opinion a further haircut in favour of Greece seems inevitable, but with the qualification of a restricted fiscal sovereignty and the omission of further bailout packages.