There is little to smile about in the latest report published by the European Commission on the progress of Greek reforms foreseen by the country’s bailout memorandum.
The report, made public on Monday, acknowledges that some progress has been made, but the overall tone is one of complaint.
Basically, the remarks made by the Commission give the impression that the trials and tribulations of the Greek people are far from over and that more painful measures will have to be taken.
But the fact is that the report makes some clear and some implicit suggestions about what needs to be done next that will be difficult for the political leadership to explain and implement. This means that at some point our lenders, and especially our partners, will have to make a bold decision and prove whether they are really concerned about the fate of Greece and the cohesion of the eurozone.
Hopefully the eurocrats in Brussels have been objective in their remarks and comments.