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COMMENT

Our experience of negotiations between Greece and its creditors over the exact terms of its bailout agreements – which is by now extensive – has shown us one thing: that when pressure leads to rash decisions, the country as a whole pays the price.

The current coalition government was obviously gripped by panic in recent weeks and attempted to repeat some of the negotiating tricks it had tried last summer. It resorted to politics to discuss economics, tried to put a wedge between the lenders and threatened unilateral action.

Today, it knows with certainty that the International Monetary Fund will remain in the program and the country’s massive debt pile will be addressed in time, as well as that the measures which need to be ratified by Parliament will be very tough.

In other words, the government has gained nothing, but the country faces yet another destructive period of instability and uncertainty.

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