EU PANDEMIC RECOVERY FUND

Merkel is leaving power without triumphant declarations and without self-delusion. When asked which was the toughest moment in her tenure she replied earnestly “when I demanded so much of the Greeks”. Asked what she would like future history books to say about her, the response was “that I tried”.

Precisely because Greek economic growth remains exceptionally fragile and is inextricably linked to developments abroad, which are often unexpected, the government has a duty to plan its moves extremely carefully, especially as regards the disbursement of money.

It is not the role of the opposition to constantly agree with the government. Yet, every time it battles against the essence of a necessary, long-delayed reform, nobody wins, not even the party that momentarily benefits.

The growth spurred by EU funds will not trickle down into Greek society. On the contrary, the reconstructed productive base of the economy will aggravate inequalities.

Fortunately, this time the disbursal and use of EU funds will be governed by certain principles and rules that will earmark monies for the green and digital transformations.

Greece must not lose the opportunity to bring about a reconstruction of its economic base and to be partake in the digital revolution and new green policies with a multi-faceted outlook regarding the labour market and society.

The paramount challenge the government faces creating a new production model to help the floundering Greek economy recover even as the state struggles to prop it up with huge subsidies.

The EU Pandemic Recovery Fund is not just a final hope. It is a first class opportunity for reforms that will allow the country to begin its third century of independence dynamically.

Just as after wars, so too after major economic recessions there comes a time to pay off the debt or at least reduce it in relation to GDP through economic development and inflation.

Despite the unfortunate timing of the pandemic in the early stages of recovery of the Greek economy ihe durability and adaptability of healthy economic units produce healthy antibodies.

Greece in these especially tough conditions is demonstrating it worth and power as well as its hidden and underestimated capabililities.

Angela Merkel was determined to remove the obstacles created by Budapest and Warsaw as she considers the Recovery Fund to be a significant part of her political legacy.

With the start of vaccinations economic activity and international trade are expected to gradually rebound and Greece has an action plan to bolster an outward-looking approach.