No time for complacency

The fact that the International Monetary Fund and the European Central Bank reached a compromise on the issue of Greek lenders is an extremely positive development.

The Greek government and banking world can breathe a sigh of relief but should not be complacent, because, as unpleasant as it may be, moving ahead with property auctions to cover long overdue loans and cutting the Gordian knot of nonperforming loans are key to keeping the country’s banks out of fresh trouble.

There is little time to lose, so we need to see some progress on this front soon.