Painful compromise

A large number of voters were seduced by the sirens of populism and false promises at the last two general elections in Greece.

Among other things, they believed that a SYRIZA administration would be in a position to shake off the burden of private bank loans without any considerable consequences.
Reality, however, has proved to be quite different. It is very difficult for a European state to have reliable banks when, to a very large extent, its citizens feel they don’t need to pay off their loans even if they are in a position to do so.

The government settled on a painful compromise with the country’s creditors, an agreement which will demand some truths to be told, even at this late stage. The political cost attached to this would undoubtedly have been smaller had the government not lied and exaggerated before rising to power.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.