Costly games

The government’s biggest problem is its lack of credibility, which is also the case for the country itself. We’ve paid dearly for this and there is not a single good reason for us to continue digging ourselves deeper into the hole.

The repeated personal attacks on Yannis Stournaras, the governor of the Bank of Greece, will not help the government to win new friends and allies.  Even government’s two closest allies in the European Union are annoyed at the persistence with which these attacks have been carried out.

For better or for worse, the country’s central bank is a part of the European system. It is an independent institution, shielded from partisan intervention and meddling. When governments fail to respect this obvious fact, it is very difficult for them to win the trust of their European partners.

Tricks and games that are directed to a domestic audience come at great cost internationally.

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