Decision time is here, today. The meeting on the sidelines of a summit in Brussels between Greek Prime Minister Alexis Tsipras and other top eurozone officials is the country’s last chance for a compromise to be reached between the two sides.
Greece’s creditors and partners should concede significant ground when it comes to the fiscal targets it sets for Athens so that citizens hit hardest by the crisis can have some relief. The aim is a compromise not a beating for the government. More pressure from the fiscal front and a refusal to accept measures tackling the social crisis would be unforgivable.
But Tsipras must also agree to a part of the commitments Greece has already made and should implement them whether he has the full backing of his party or not.
The euro or drachma dilemma is back on the table and this is having a catastrophic effect on progress. It is putting pressure on the economy and harming the country’s image, and may ultimately see the threats that have been directed at Greece turn into self-fulfilling prophecies.