OPINION

Entirely bankrupt management

The Bank of Greece has unfortunately proven to be a miserable failure in terms of monitoring the financial sector. This was made evident during the structured bond scandal, as well as by the money-laundering cases in banks in Athens and Crete. The central bank has been reduced to a luxury bureaucratic apparatus that can justify neither its high maintainence costs nor its oversized staff. Moreover, the bank managers have failed to handle the only crisis that has ever broken out under its watch. The poor handling and timidity displayed during the strike has tarnished the country’s image abroad. Bank of Greece Governor Nikos Garganas is largely responsible for the embarrassing response, as he failed to take measures and implement the law. His resignation would be the most useful decision he could make under the present circumstances. The government should relieve him of responsibility for clearing transactions so that the economy will never again have to wind up hostage to an irresponsible interest group and a clearly inept administration.