A moment of optimism

Greece is trying to take strides to pull itself out of the crisis, but it is doing so with caution.

The Finance Ministry’s announcement on Wednesday that the country is returning to international bond markets for the first time in four years marked a very important step in restoring market confidence in the domestic economy which had been seriously damaged by massive debt and a huge budget deficit. The decision to issue a five-year bond for the first time since January 2010 should help firms and banks to access capital with their own bonds without having to pay exorbitant rates.

There are many signs out there that Greece is returning to normalcy. To be sure, it will take time before this can have an actual impact on the large number of unemployed and the entrepreneurs who are currently suffering under heavy taxes and the lack of liquidity.

You’d have to be an ill-meaning skeptic to claim that Greece has no hope of making it out of the woods.