Twofold effort

The government yesterday took the first step in its bid to remedy the problems of the Greek economy, holding a lengthy meeting between the prime minister and his administration’s economic policymakers. According to sources, the meeting centered on the need to accelerate economic performance and the proposed measures. The conservative government is looking to the European Union as well as the international private sector for a tonic to energize the economy. For that reason, yesterday’s meeting decided to promote legislation easing the procedure for the implementation of projects funded by the Third Community Support Framework (CSFIII). The participants also agreed to table in Parliament a bill for the co-funding of projects by the public and private sectors. The exploitation of Community funds and the attraction of private capital are seen as basic parameters for inducing growth. Besides, Greece’s dismal fiscal condition does not allow the use of state funds to support economic activity. Rather, the government must go to considerable lengths to trim expenditure and clean up the economy – priorities that seem to center mostly, though not only, on public utilities. This twofold effort – bolstering growth while also promoting reform of the public corporations – will, to a large degree, determine the course of the Greek economy. The goals have been set; now the government must take concrete action to accomplish these goals. The administration’s boldness and determination in enforcing the requisite policies will determine the fate of the economy. To be sure, this is not the first time we have seen an accurate diagnosis of the economy, but past antidotes were ineffective. The country now has a chance to shape conditions for healthy growth by using funds that we may otherwise risk losing. It’s an opportunity we cannot afford to miss.