Economic Trust

Greece is the only eurozone country that borrows with such high interest rates. The crisis is over for Portugal and Spain, but unfortunately not for Greece.

In order to achieve the desired autonomous return to the markets and render the country fundable there must be repeated Greek bond issues at regular intervals and across all terms of maturity.

No normal economy has been saddled with the straight-jacket of huge primary surpluses. No regular economy is subjected to the enhanced surveillance of European institutions and of the IMF.

'Today’s picture of clashing views does not justify disputing the evolutionary path of European cooperation.'

The American Embassy has been exceptionally friendly toward the current government, especially during the last two years, with Prime Minister Alexis Tsipras’ turn toward Washington. 

The government’s celebrations over the exit from the bailout memorandum may be useful for domestic consumption, but they have not persuaded investors, and those who had the daring to invest are running away.

The truth is that Greek banks are in a much better position than they were two years ago. They have improved their position. Their liquidity is better, and they are earnestly trying to reduce the burden of NPLs.

Can the country emit a message of stability to markets when the political class, in contrast to the citizenry, appears to have learned nothing from the errors of the past and the eight-year crisis?

The return to normalcy in the banking system is a decisive factor in stabilising the economy and giving it the necessary breathing space to meet fiscal and development goals.

Investors are discouraged, when affairs are revealed that bolster their distrust, and when an investigation of these cases and the assignment of responsibility is an exceptionally slow process.

The tolerance that was built by a harsh fiscal adjustment and the countless sacrifices of the Greek people can be revoked the moment that a fiscal derailment is discerned.

It is indicative that in only one month, there were over 200,000 more citizens who are unable to meet their tax obligations, raising the overall number to 3.9mn.

The only way to deal with the markets successfully is to return to growth and gain the trust of the Greek people – trust as regards both investment and bank deposits