The experience gained over the last few years in this country demonstrates that the reaction of international financial markets has far greater importance than the strategy of “political negotiation” that is currently being promoted by the Greek coalition government.
When a review of the adjustment program is ongoing but does not appear to be reaching some kind of definitive conclusion, international markets invariably have their very own way of reacting and expressing their concern.
One of the biggest risks right now is the recapitalization of the country’s banks becoming derailed because the government cannot reach an agreement with Greece’s international creditors.
We have faced similar situations in the past, when Greece was unable to seek funding at global markets, as planned, for the exact same reason.
Whether we like or not, the markets have become a key player in the international system which cannot be ignored.