Costly delays

Political developments in Germany inevitably have an impact on Greece and this is particularly true now, in the wake of elections last Sunday that shook up the political scene in Berlin.

Back in 2015, a handful of wise people in the government wanted to see the previous review of the bailout deal wrapped up by December 2016 so that the Greek issue would not become embroiled in the German pre-election debate.

Their warnings went unheard as petty party interests took prevalence within the ranks of ruling SYRIZA and the country paid a heavy price for the delay in the negotiations.

Greece now finds itself in exactly the same position with the third review, and if all of the major loose ends are not tied up by the end of the year or before a new government is formed in Berlin, there will be an even higher price to pay.