Just a new phase

No matter how much the government toots its own horn, no matter what it says, Greece’s formal exit from the bailout program does not mean that the country has reached the end of an era and is turning over a brand-new leaf.

The only thing that the expiry of the third memorandum signals is that Greece is entering – with an incredible delay that has come at an enormous coast – the next phase of the adventure.

Most importantly, this is the phase when the country needs to show even more determination and discipline to meet stringent targets and push through more reforms that will help it get back on its feet.