Banking on a change of heart

Greece managed to avoid a serious mishap at Monday’s Eurogroup meeting of eurozone finance ministers, an important development given the country’s precarious situation: It simply cannot embark on any new risky endeavors or repeat the drama of 2015.

What we need now is for the government to find the political courage to accept the reforms put forward by the institutions so that an agreement can finally be reached and the pending bailout review wrapped up.

Unfortunately, it looks like the Greek problem will not be solved. The present government refuses to touch the civil service because it is a major voter support base. Moreover, it remains anything but friendly toward investment and entrepreneurship despite the many statements it has made to the contrary.

The vicious cycle that is consuming Greece will never be broken unless the civil sector is reduced and the administration makes a genuine effort to boost business.