The Covid-19 pandemic struck Greece in early 2020 when it was just starting to embark on a moderate growth path after years of depression: Greece had already lost more than 25 percent of its GDP during its sovereign debt crisis in 2009–2016. Moreover, the pandemic crisis found the country with limited fiscal space with its public debt already at 180 percent of GDP at the end of 2019 and most of it (around 70 percent) in the hands of non-market European Union institutions as a result of the fiscal bailouts in the 2010s. […]