One way to ameliorate the effects would be to top up investment on school repairs, roadbuilding and the like.

ECONOMIST: Tackling the slump

The sorts of public spending that are likeliest to induce other economic activity, such as roadbuilding, have been cut, says Mr Stournaras.

ECONOMIST: Greece and the euro

Although HS2 seems to have a positive cost-benefit ratio, there are other projects, chiefly in roadbuilding, that would provide a better return.

ECONOMIST: High-speed rail