Greece has signed up to a third bailout agreement at a time when other debt-hit nations have already exited their own memorandums and returned to growth.
We tend to put the blame on outsiders. The troika has made some big mistakes, among them imposing excessive fiscal adaptation in a very tight time frame. That said, Greece is a special case.
Political consensus was nowhere to be found, even at the most crucial moments. The political system refused to take the responsibility of clashing with vested interests that object to reforms.
When it comes to performance and organization, Greece’s state apparatus is a far cry from its European counterparts. Populism is king across the spectrum. We got to the third memorandum after Tsipras realized there was no other way to keep the country afloat. We will face the same deadlock if we don’t change the things that caused the stagnation of the past five months. Parliament has adopted an orphan memorandum. We bought some time. But without consensus, determined officials and reforms, we will soon experience a repeat of the drama.