\section{Appendix}

\subsection*{Correlation of Central and General Government Debt}

\begin{figure}[b!]
\centering
\includegraphics[width=1.0\linewidth]{/home/sebkoehle/Dropbox/Greece/graphs/cor2.pdf}
\caption{Correlation of Central and General Government Debt for Euro 12 countries (1995-2010)\\\small \textit{source:} \citet{reinhart_growth_2010}, OECD World Economic Outlook \normalsize} 
\label{ea12}
\end{figure}



\pagebreak
\subsection*{Variable weights for Euro 11}

\begin{table}[htb!]
\centering
\begin{minipage}{14cm}
\centering
\begin{tabular}{ll}
  \toprule
  variable  & weight\footnote{Weights smaller than 0.001 are denoted as 0.000} \\ 
  \midrule
  Population 65+& 0.000 \\ 
  Population 0-14 & 0.005 \\ 
  Years in current term & 0.044 \\ 
  Divided Government & 0.008 \\ 
  Legislative election in t+1 & 0.000 \\ 
  Plurality system & 0.131 \\ 
  Proportional representation & 0.000 \\ 
  $\Delta$ labour productivity & 0.023 \\ 
  Health Expenditure (\% GDP) & 0.000 \\ 
  GDP (US\$) & 0.000 \\ 
  Total tax revenue (\% GDP) & 0.713 \\ 
  CO2 emissions & 0.000 \\ 
  Unemployment (\% ) & 0.000 \\ 
  Openness & 0.000 \\ 
  POLCONIII & 0.003 \\ 
  Ideology & 0.057 \\ 
  Majority margin & 0.000 \\ 
  lag Debt/GDP & 0.002 \\ 
  Rae Fractionalisation Index (Government) & 0.013 \\ 

   \bottomrule
\end{tabular}
\caption{Variable weights for Synthetic Euro 11}
\label{vweight}
\end{minipage}
\end{table}

\newpage
\subsection*{Country weights in synthetic control studies}

\enlargethispage{1cm}
\begin{figure}[b!]
\centering
\includegraphics[width=9cm]{/home/sebkoehle/Dropbox/Greece/graphs/cweights2.eps}
\label{cweight}
\caption{Weights of countries in synthetic control group for Euro 11}
\end{figure}

\begin{figure}[!]
\centering
\includegraphics[width=9cm]{/home/sebkoehle/Dropbox/Greece/graphs/cweightsDon2.eps}
\label{cweightDon}
\caption{Weights of countries in synthetic control group for donor countries}
\end{figure}

\begin{figure}[!]
\centering
\includegraphics[width=9cm]{/home/sebkoehle/Dropbox/Greece/graphs/cweightsRec2.eps}
\label{cweightRec}
\caption{Weights of countries in synthetic control group for recipient countries}
\end{figure}

\begin{figure}[!]
\centering
\includegraphics[width=9cm]{/home/sebkoehle/Dropbox/Greece/graphs/cweightsGR2.eps}
\label{cweightGR}
\caption{Weights of countries in synthetic control group for Greece}
\end{figure}





\FloatBarrier
\subsection*{Plots of Synthetic Control Analyses for Individual Countries}

%%% Portugal
\begin{figure}[!]
\centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathPortugal2.eps}
 \label{pathPor}
\caption{Results for the comparison of Portugal and its synthetic counterpart (1983-2010)}
\end{figure}


%%% Spain
\begin{figure}[!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathSpain2.eps}
 \label{pathPor}
\caption{Results for the comparison of Spain and its synthetic counterpart (1990-2010)}
\end{figure}


%%% Italy
\begin{figure}[!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathItaly2.eps}
 \label{pathIta}
\caption{Results for the comparison of Italy and its synthetic counterpart (1983-2010)}
\end{figure}

%%% Ireland
\begin{figure}[!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathIreland2.eps}
 \label{pathIre}
\caption{Results for the comparison of Ireland and its synthetic counterpart (1995-2010)}
\end{figure}



\FloatBarrier
\subsection*{Robustness checks}


%%% 1992
\begin{figure}[htb!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathRob1992.eps}
\caption{Results for the Euro 11 using 1992 as the treatment period}
 \label{robA}
\end{figure}


%%% 1998
\begin{figure}[htb!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathRob1998.eps}
\caption{Results for the Euro 11 using 1998 as the treatment period}
 \label{robB}
\end{figure}


%%% 1998
\begin{figure}[!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathRob2000.eps}
\caption{Results for the Euro 11 using 2000 as the treatment period}
 \label{robC}
\end{figure}

%%% 1998
\begin{figure}[!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathRob2001.eps}
\caption{Results for the Euro 11 using 2001 as the treatment period}
 \label{robD}
\end{figure}


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%



\FloatBarrier
\subsection*{General Government Debt}

\begin{figure}[htb!]
 \centering
 \includegraphics[width=8cm]{/home/sebkoehle/Dropbox/Greece/graphs/pathOECDRR2ESA95.pdf}
\caption{Results for the Euro 11 using ESA95 definition of General Government Debt}
 \label{robESA}
\end{figure}


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