The signs coming from Europe are very encouraging. Greece?s EU partners appear to have decided that Greece must stay in the eurozone and get back on its feet. The government is expected to first approve and then implement a painful package of measures that will affect the lives of millions of Greeks.
Prime Minister Antonis Samaras is determined to shoulder the burden as he realizes that there is no alternative solution. He will have to be strong, while the people will have to be understanding. For their part, our EU peers will have to extend a hand to the government and give hope to a frustrated people. Our foreign lenders should know that if they force the government to start a war with workers in the private sector, it will make the prospect of political collapse all the more likely.
Similarly, they must be a bit more generous should Greece meet its commitments and adopts this fresh string of measures. Paying back its private lenders, accelerating the big projects and recapitalizing banks must follow as soon as possible or the real economy will sink deeper into recession.