It is said that the best way to deal with a crisis is to turn it into an opportunity.
The Coronavirus pandemic is undoubtedly an example of that.
Greece and its government can and should transform the public health crisis with which we are confronted into an economic opportunity.
The country can to the extent possible draw the best out of the worst and this is an opportunity which must not be squandered.
An example of that is the inclusion of Greece in the ECB’s quantitative easing programme which will reduce the cost of borrowing and ensure greater liquidity in the real economy.
This very positive development if followed up by measures such as reducing the primary surplus target will offer some relief to the economy.
Greece’s partners, including those most dedicated to fiscal discipline, are beginning to comprehend that austerity is not a cure-all.
The pandemic requires a Keynesian approach to managing the economy.
Simply put, the time to spend has come, not on thoughtless consumption but rather on infrastructure and investments that will create jobs.
Greece must not remain on the sidelines but instead should be proactive in adjusting to this new reality