STUDY Trying to Unearth a Recovery in Greece JENS BASTIAN November 2014 Gradually, light at the end of the tunnel is reappearing. The emerging stabilisation in Greece is fragile and uneven across most sectors of the real economy. This assessment is balanced against concerns about the government’s political resolve to continue implementing an agreed structural and institutional reform agenda. Political risk factors weigh heavily. The governing coalition of PM A. Samaras and the largest opposition party in parliament, the Coalition of the Radical Left known as Syriza have fundamentally different views on the way forward. Any attempt to put the Greek real economy back on a firm recovery footing will only be able to succeed when domestic banks contribute to this endeavour. The process of restructuring the Greek economy continues to be a work in progress. The search to define a new growth agenda charting the future course of Greece‘s political economy is in full swing.