One hopes that the gloomy reality will scare Greece’s leftist-led coalition government into overcoming its ideological fixations and political inhibitions that have been putting the brakes on the completion of the second review of the country’s third international bailout.
A review on the bailout progress has dragged on for months and the delay has already caused a great deal of damage to the Greek economy.
Failure to complete the process by May, a deadline set by several government officials, will mean that Greece will find it extremely difficult, if not impossible, to return to growth. Meanwhile Greece’s lending institutions will find themselves in a very difficult position.
There is no doubt that what Athens needs right now is strong political will to break the deadlock with foreign creditors.