Big words, but little action

National Bank of Greece Governor Nikos Garganas’s statements regarding the need to amend the pension reform law that was only recently signed in Parliament have caused something of a stir. Garganas obviously supports bolder strategies, but also more structural changes in all the crucial sectors of the economy. The recent past, however, has shown us that bold reforms take bold officials in key places who will be able to handle a situation when it gets tough. Garganas did not impose those necessary measures during his bank’s employee strikes. The Athens Exchange was forced to close and the country’s reputation suffered a serious blow. There was nothing bold about the way the management dealt with the issue. So, when certain people comment on the trepidation of others when it comes to reforms, they had best explain why they themselves failed to show political courage when it was their turn to do so.

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