GREECE is gradually coming out of the deepest depression suffered by any rich country since the second world war. The economy is growing; unemployment is falling (see article). On August 20th, eight years after it first sought help, the country will emerge from its final bail-out programme with official creditors. The three bail-outs cost Greece €300bn ($350bn)—without counting interest payments or the effects of harsh austerity. Before wildfires last week plunged the country into mourning, the left-wing government of Alexis Tsipras had hoped to mark the occasion with street parties.

Greece’s recent progress is welcome, but the country still faces immense difficulties. Although euro-zone mandarins will continue their inspections until most of the debts are repaid, the onus will henceforth be on the Greeks to solve their own problems. That has consistently proved beyond them, even when the crisis was at its deepest.

Never waste a post-crisis

The marks of the crisis and the subsequent austerity are deeply etched. Output, in real terms, is a quarter below its peak in 2007 and investment is down by two-thirds. The share of people living in poverty has doubled. One in five of the workforce is unemployed. Many of the most go-ahead have emigrated.

Although debt remains a crippling 180% of GDP, Greece should once again be able to raise money, thanks to an agreement with creditors that extends the maturity of some loans by ten years. But in return, the country has pledged to achieve a primary surplus, ie, excluding interest payments, of 3.5% of GDP every year until 2022 and 2.2% until 2060—an almost impossible task. If growth slows, interest rates rise or budget targets are missed, private-sector lenders, on whom Greece will rely, may question the sustainability of its public finances.