Prettifying reality or painting it black is par for the course in politics.

All others in public life, however, have a duty to serve truth with the greatest possible objectivity.

That applies of course to central bank governors in all countries.

The Governor of the Bank of Greece has an institutional obligation to describe the reality of the numbers and to issue warnings when he discerns increased prospects of a fiscal derailment.

Political parties have a duty to leave the central banker’s observations out of their political game and, even more, not to target those observations as being the product of ulterior motives.

It is in this framework that one must view Bank of Greece Governor Yannis Stournaras’ projection of a 1.2bn euro budget shortfall and of an inability to meet the 3.5 percent of GDP primary surplus target agreed to with Greece’s creditors.

The central banker’s assessment reminds one that the economy has not yet turned a page and that it has not been shielded from dangers.

The economy remains fragile and lacks borrowing tools.

The outgoing government has in the past repeatedly ignored such warnings and has unleashed vitriolic criticism of Stournaras.

The next government must not follow that slippery and counter-productive path.

 

 

 

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