Greece’s 2010–2018 adjustment programmes provide an insightful case of how timing of reforms, institutional frictions, and digital transformation jointly condition the outcomes of macroeconomic stabilization efforts. This review builds on programme evaluations, recent academic work, and empirical indicators to analyze the dynamics at the intersection of macroeconomic adjustment, institutional quality, and entrepreneurship, placing emphasis on productivity and the evolving role of digital governance. The paper argues that the asymmetric sequencing of fiscal consolidation, internal devaluation, institution-building, and digital modernization is consistent with deeper and more persistent output losses than initially anticipated, as complementary reforms in product markets and public administration were not yet in place. Recovery momentum was observed when administrative simplification, transparency reforms, and digital public services began to reduce transaction costs, uncertainty, and implementation frictions. In this perspective, digital governance—through initiatives such as Diavgeia, and interoperable registries—acted as an enabling complement to the effectiveness of structural reforms, supporting the shift towards a more innovation-oriented entrepreneurial ecosystem. While the evidence is associative rather than causally identified, the synthesis highlights mechanisms and transferable lessons for the design and sequencing of reform programmes in crisis and recovery contexts.
Tsiaousi et al. (Mon,) studied this question.