No email or folders visible when using IMAP account with Outlook 2013 or Office 365

The problem seems to be caused by two updates from Microsoft; KB2837618 and KB2837643.

There is a simple solution though:

• Right click on the affected account in the left pane and select IMAP Folders
• Below the list of folders, uncheck the box for “When displaying hierarchy in Outlook, show only the subscribed folders.“
• Exit Outlook 2013 / Office 365 and restart it
• At the next synchronization the folders and mail will (hopefully) be visible