Concern, frustration mounting
Greece is once again on the verge of collapsing due to its politicians? lack of courage, coupled with a hostile international financial environment. One would expect the government to be in a flurry of activity, slashing its expenses and moving on with pledged reforms and privatizations. Instead, mergers and staff reductions are being postponed, as is the liberization of so-called closed professions.
Meanwhile, New Democracy is persisting with its populist agenda as if unaware of what is at stake.
Our partners and creditors will soon realize that despite a second bailout, the Greek political system and state mechanism are operating as if nothing is wrong. Also running out of patience is a middle class, especially in the private sector, that is faced with rising unemployment and tax hikes, as it sees politicians being too scared to lay off a single civil servant.
