With the completion of the latest rescue package for Greece – which relieved the country of short-term liquidity problems and eased the borrowing terms, but which made only a small dent in the overall debt burden – this Commentary explores the question whether Greece can now ’grow solvent’? The prognosis is not encouraging: given the country’s unfavourable demographic prospects and the small size of its tradable sector, Greece will face a huge task in growing out of its debt burden.