No backing down on changes

No one is surprised by the reaction of certain ministers and deputies to Greece being granted a large tranche of bailout funding. As soon as the money was disbursed, the pressure valve was turned on for more benefits, salary hikes and changes to reforms and laws drawn up under the terms of the memorandum.

This kind of money-grubbing behavior is what brought Greece to the brink of bankruptcy in the first place and any step back to the practices of the past may very well upend the entire effort made by the prime minister and his financial advisers.

If the government gives in to pressure to ignore commitments made with the country’s creditors for the benefit of a privileged few, even if it backs down on a single demand for more money, it will find itself on very shaky ground that will only get shakier.

Like it or not, the painful path of austerity is the only option for Greece right now.