The paper looks at the Greek debt crisis after the 2008 financial crash to understand what helped or hurt the country's economy. By using a detailed economic model, the researchers found that the mix of spending cuts and financial help from the EU, ECB, and IMF, along with weaker property rights, caused a big drop in Greece's GDP. If Greece had made different choices, like better fiscal policies and stronger institutions, the economic damage could have been less severe. Without the financial aid, the situation would have been even worse. The European Central Bank's policies also played a crucial role in helping Greece. These findings can be important for dealing with the current covid-19 crisis.