Clock has stopped ticking

After much foot-dragging and confusion, the Greek prime minister finally did Thursday what the situation called for. No one can toy with the nerves and the fate of the nation is such a crude manner.

Greece has one foot outside the eurozone and is facing the danger of a disorderly default. It is a national emergency to launch an official consultation for a transition government, led by a strong personality and good international reputation, who will complete the crucial negotiations on the country?s debt deal.

George Papandreou and opposition New Democracy leader Antonis Samaras must reach an agreement on the length and the scope of the mandate, as well as the makeup of the interim administration. The New Democracy chief made a courageous move in agreeing to sign the debt deal and related obligations.

The Greek people, not to mention the rest of the world, expect all responsible parties to agree by Monday morning. The lies are over, and time has run out.