The short answer to Dr Alf’s question is ‘never’.
With regard to the Michael Jacobides article, the problems faced by Greece are considerably more complex than just austerity and its application.
Forcing the Greek government to remove barriers to competition and innovation will help but on their own they will not be enough.
Then, the Greek economy needs restructuring, plus marketing to bring in wealthy tourists and conference attendees. After that university degrees need to be matched to the skills the country needs – there’s too much waste in Greece’s education system.