Cash reserve allowed for economic recovery

Giorgos Houliarakis was perhaps the most popular member of the SYRIZA government among his European Union peers. He was one of the very few people who focused on the real numbers of the economy and realistic data. Initially, as president of the Council of Economic Experts (SOE), Houliarakis led the technical negotiations for Greece's third economic adjustment program from May to August 2015, before becoming deputy minister of finance.

Currently, he holds the dual role of economic adviser to both SYRIZA leader Alexis Tsipras and Bank of Greece Governor Yannis Stournaras.

Let's start with a look back at the past. Was the contentious third bailout unnecessary after all?

First of all, I would like to clarify that my positions on the economy do not always coincide with those of the Bank of Greece. Therefore, I am speaking to you as an economist. The...