History is repeating itself. Yet another Greek government has decided to stop every reform – or stop pretending it is implementing any reforms – and start handing out benefits.
Greek state officials have effectively put their pencils down and nothing is happening.
Privatizations have frozen, and any big symbolic moves have been put on hold.
The markets, which are already suspicious of and unfavorable toward Greece, have no time for these developments and are reacting very negatively.
The minds of market players and quite obviously – and unfortunately – those of the government, are focused on the next general elections.
The longer that these elections are delayed, the higher the price will be for the country.