Editorial EDITORIAL

Beggar state no more

COMMENT

The Greek crisis has taken a huge economic and social toll. This would perhaps explain why the laudatory mood and self-congratulating comments coming from the country’s European peers are hard to swallow. They are naturally relieved by the fact that Greece is not asking for more bailout money.

The question, however, is whether the primary surplus targets and absurd tax and social contribution rates will allow the crisis-hit country to break the vicious cycle it is caught up in. Another question is whether reforms that were implemented during the bailout years will withstand social pressure. Equally significant is whether the country will fix the deep-rooted structural shortcomings which, coupled with a corrupt political mentality, led to the financial meltdown.

Greece will properly get back on its feet only after it has established a truly modern state based on the rule of law, a world-class education system and a competitive economy with free market rules. It is only after we have achieved all the above that we can aspire to secure our national independence and prevent a repetition of the beggar-state drama.

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