There are certain signs that the market is beginning to stabilize, which confirms what people with insider knowledge have been saying. Clearly, this is very encouraging. On the other hand, there is no doubt that 2013 will be a very difficult year for Greek pensioners and wage earners, and especially the unemployed. Despite the signs of stability, next year will also be a challenge for the ailing economy.

The onus for successfully tackling these challenges clearly lies with the political establishment. It is now up to the country’s politicians to persevere with the changes that need to be made in order to help revive the economy and limit as much as possible the problems that ordinary citizens will have to face.

The political establishment meanwhile has to live up to its serious responsibilities and regain some of the ground it has lost in terms of credibility. As regards the coalition government, this may demand a cabinet reshuffle.