The cost of indecision

The cost to Greece as a result of the ambivalent stance maintained by the ruling leftist SYRIZA party with regard to the controversial issue of foreclosed property auctions could form the basis of a case study. There is also no doubt that the ideological currents that are still running strong within the party are taking their toll and have allowed scores of strategic defaulters to avoid meeting their obligations.

The electronic auctions of over-indebted properties that will kick off next month will initially target these strategic defaulters, who have enjoyed an immunity of sorts for so long due to the government’s reluctance to move ahead with the auctions over fears of a backlash from its base.

The reluctance emanating from within SYRIZA, which railed so vociferously against the auctions when it was in the opposition, is extremely dangerous for the country’s troubled banking system and by extension for the economy.