The future of the world economy is yet again becoming more precarious. Germany, Europe’s largest economy, appears to be heading for a recession, while at the same time political developments in Italy, where there is an increased likelihood that the coalition government could imploded, have triggered yet more insecurity.
Against this dire backdrop, Greek Prime Minister Kyriakos Mitsotakis will begin a charm offensive later this month with a series of trips to major European capitals, including Berlin, Paris and the Hague, in an effort to convince Greece’s partners to agree to a reduction of the country’s primary surplus target – an excessive 3.5 percent of GDP.
Of course this negotiation will be no easy task. It will, however, have more chances of success if it is accepted domestically as a national effort – and not as an opportunity for petty opposition, as has been the case in the past.