There is no doubt that today is a particularly crucial one for the present and future of Greece and, possibly, for the entire eurozone. This is a fact which all the euro area?s political and economic decision-making centers are supposedly aware of, judging by the fact that they deemed it necessary to convene an emergency summit in Brussels in the middle of the summer. After all, common sense dictates that had the current situation not been that pressing, there would be no reason to call an emergency meeting at this time of year.
European leaders are being asked to agree on a complete support package for the Greek economy for the next three years — if not longer — and a plan to deal with the country?s huge public debt. Coming up with a solution to this problem is no easy task, but it is a vital one, in order to avoid the crisis spreading to Italy and Spain — countries which are now feeling the hot breath of the markets down their necks — and, above all, to safeguard the single currency.
Nevertheless, and according to existing indications, there is absolutely no certainty that any solution has been found, let alone the kind of solution which would deal with the problem from all sides. There are conflicting interests involved, the opinions of decision-making centers differ and there is a sense that European leaders in their entirety have neither the stature nor the strength, not to mention the will, to impose measures now and avoid a worse situation arising in the future.
At the same time we have to admit that the current situation is unheard of. Here is a country, Greece, living under the threat of bankruptcy, while its currency, the euro, is common to a number of other countries, some of which also have great debts, while others are prospering, possibly at the expense of their weaker partners.
This is taking place at a time when the whole world has confronted or is confronting a crisis, when anonymous and intangible markets reign supreme, as global competition is intensifying and insecurity is rapidly spreading in Western countries whose economies are interconnected.
Given these circumstances, no one is certain as to what the right recipe (and its possible side effects) might be to confront the Greek-European crisis. Meanwhile, time waits for no one.