Greece's economic recovery after defaulting on its debt was a slow and challenging process that involved a combination of austerity measures, financial assistance from international institutions, and structural reforms aimed at improving the country's competitiveness and economic growth prospects.

After Greece defaulted on its debt in 2012, it received a bailout package from the European Union, the European Central Bank, and the International Monetary Fund (IMF). This financial assistance was conditional on Greece implementing a range of austerity measures, including cuts to government spending, higher taxes, and structural reforms aimed at improving the efficiency of the public sector and increasing private sector competitiveness.

These reforms included measures to liberalize key sectors of the economy, such as energy and transportation, and to reduce barriers to entry for new businesses. Additionally, the Greek government worked to reduce corruption and improve tax collection, which had been major challenges for the country in the past.

While the reforms and austerity measures were painful for many Greeks in the short term, they helped to stabilize the country's finances and improve its economic prospects. Greece's economy returned to growth in 2017, and the country was able to exit its bailout program in 2018.

Despite these positive developments, Greece still faces significant economic challenges, including high levels of public debt, a weak banking sector, and high unemployment. However, the country's recovery after defaulting on its debt demonstrates the importance of fiscal discipline and structural reforms in achieving economic stability and growth.
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