Latest from Reinhart & Rogoff

From their 2014 paper entitled, "Recovery from financial crises: evidence from 100 episodes" (pdf):

Now entering the sixth or seventh year (depending on the country) of crisis, output remains well below its pre-crisis peak in ten of the twelve crisis countries. The gap with potential output is even greater. Delays in accepting that desperate times call for desperate measures keeps raising the odds that, as documented here, this crisis may in the end surpass in severity the depression of the 1930s in a large number of countries.