Damage control
It’s been four months since the general elections swept the leftist SYRIZA party into power and Greece is in a much worse state that it was in December, with the country’s international creditors demanding more painful and tough measures because of a widening fiscal gap.
The country is also close to a serious rift with its eurozone partners. Moreover, the government camp is in a mess with a number of radicals who favor a complete break from the eurozone gaining ground.
Meanwhile, businesses are closing, employees are not getting paid and tourism is in jeopardy.
A deal is obviously better than the disaster of a default.
The government has a duty to fight for a better deal and the opposition ought to support it. The creditors need to be convinced to abandon some of the stricter terms they’re demanding. Of course, even if this is achieved, a lot of damage has already been done to the economy and the country’s international credibility. Just how serious that damage is will show very soon, so the government had better get moving to stem the tide.