An honest compromise

Hard facts, it seems, could lead to an honest compromise between Greece and its foreign lenders. And today is critical if this is to happen.

The country’s real economy and the banking system cannot take any more uncertainty and instability. Meanwhile, no program can be implemented with empty coffers and with Greek businesses reliving nightmares they thought they’d left behind.

Such compromise will require political backing from those who want Greece to remain a member of the European Union core. That said, we must not cultivate or nourish illusions. Any agreement will involve a new program that will come with terms, conditions as well as supervision – even if it comes under a new name.

If we want to keep Greece in the common currency area, then we cannot afford to leave the tracks that the eurozone has laid down for itself. It will not be an easy course. There will be shocks and setbacks. Perhaps, we should worry about this after we have cleared the upcoming hurdle.