Glimmers of optimism

The assessment of Greece?s economic prospects by the Organization for Economic Cooperation and Development (OECD), which was presented in Athens Tuesday, has offered some glimmers of optimism for the debt-choked nation: Greece, the report said, should be able to slowly recover provided it implements the austerity measures without any delays or deviations.

To be sure, there are many ?ifs? and the process described in the –relatively upbeat — report will be long and painstaking. The clearest conclusion to be drawn from the report of the Paris-based OECD is that Greece has no other option but to push ahead with reforms — mainly those which are designed to boost growth and employment.

The above objectives are, after all, echoed in the agreement reached at the recent eurozone summit — like the European Union decision to increase its share in Greece?s structural funds.

All that however could be put in peril by the soaring borrowing costs for Italy and Spain.