Editorial Ta Nea: Crashing

Considering the size of Greece’s economy, the Public Power Corporation (PPC) is a corporate giant.

As with business giants of this sort, if it collapses, it will drag down the entire economy, so it is perfectly clear that such a collapse must be averted at all costs and that it must be done in order for this colossus to continue standing on its clay feet.

A single number illustrates the critical nature of the situation.

PPC needs two billion euro to be saved. Where will it find this huge sum to ensure its viability?

The outgoing government does not appear to have an answer and it seems to want to bequeath the problem to the next one. Still, it has enormous responsibilities which it must assume.

The current government’s short-sighted policy turned a corporation with small profits into a loss-making one that faces the spectre of bankruptcy. Its policies pushed PPC into a decline that can prove fateful.

All this is part of the past, which was characterised by mismanagement and bad trade union practices. PPC, however, must have a future, and for that to happen the next government must have a ready plan to save the company’s biggest company.

No minister can claim not to have known, because the colossus is shaking, and the shaking of a colossus is tantamount to a crash.