The scope of this note is to point out that high growth rates must be accompanied by current account surpluses financing the internal debt service as a necessary and sufficient condition for a debt-reduction strategy. The recipe is applied in the case of Greece which, looking back at the pre-crisis period, has been experiencing substantial consumption-led growth following extensive foreign borrowing.

Panagiotis Chronis, George A. Zombanakis (2016). An Evaluation of Policies for Fiscal and External Sustainability during the Recent Greek Economic Crisis, European Research Studies Journal Volume XIX Issue 1, 32-43