The Greeks do not understand the imperative need for the reforms. Nor are they ready to reform. With the external pressure of the EU and other international institutions being the only reason to institute reforms, it is hard to expect any breakthrough. And this is the key problem.
The new left-wing SYRIZA government, which sees public expenditure as a means to counterbalance the lack of competitiveness, is all but a solution to the Greek problem. If anything, the pro-European and cosmopolitan young Greek generation – which is fed up with the “Greek way” of policy-making of the past – can make a difference.
Recent developments have already split even the almighty Troika (ECB, IMF, European Commission) which negotiates conditions for providing loans to bankrupted European economies.
Finally we are sending ESM our money. Spain is waiting for a miracle. Greeks saved money for karts. Iranians made a bomb – inflationary bomb! Similar bomb is predicted by FED’s models. So we finally have it. After months of negotiations, voting and ruling ESM – the permanent bailout mechanism – is finally here. It is the first time when Slovakia provided real money for saving the euro, to be specific EUR 264 million. As the saying…
