OPINION

Breaking the cycle

It is a huge development that Greece managed to achieve such a high budget surplus, and especially in light of the economic pressures it continues to find itself under to this day.

That said, it needs to be noted that this over-performance was achieved thanks to overtaxation, to measures for cutting costs and to slashed expenditures.

This is a situation that is not sustainable in the long term because it leads to the complete asphyxiation of the economy.

What is needed now is a new deal between Athens, the country’s partners and its creditors, which, among other things, lowers the surplus targets in coming years. At the same time, the government needs to make a commitment to stop trying to cement its influence by offering handouts and positions.

Greece is trapped in a vicious cycle that has been caused by an absence of trust throughout the crisis, and this cycle must now be broken.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.