Solvency depends on Greece’s willingness to continue with fiscal recovery

As presented in the previous Note for Discussion, the intertemporal balance sheet calculated as of 2009 (version 2009) - and its projections - was preliminary and data and economic policies have since been revised.
The crisis has led several Greek governments since then to take many measures to address the dire state of the public finances. Thus, we can now ask whether all this effort has improved the balance sheet as of year-end data for 2017 (the version calculated in 2018), now that we are nine years on and the country is emerging from the recession.
There are some important differences in the starting position in 2018 as compared with 2009. On the upside, the fiscal balance is in much better shape, and many (difficult) measures were taken to reduce unfunded promises in the social welfare state and bring future aging costs down.
On the downside, the debt ratio is...