Time to focus on the economy

After a series of amendments, the government’s proposed tax legislation is expected to be voted into law. Nevertheless, the repeated leaks and compromises have had a negative effect on the domestic market. Political instability always takes a hefty toll on the economy. That should be a lesson for the conservative government of Costas Karamanlis, which should now brace to deal with the repercussions of the international financial crisis. Voters are demanding that the New Democracy administration come up with a clear and solid plan of action. Government officials must explain the plan to the public before putting it into force. For example, the proposed measures to protect depositors must be carefully designed so as to be compatible with European Union regulations. Greece cannot afford any more backpedaling of the kind that plagued those drafting the government’s economic policies over the past few months. The local economy has structural shortcomings and is at a crucial turning point. The Finance Ministry must make sure it does not overburden it with deficient plans and counterproductive leaks.

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