Need for truth on the economy

Good faith is of the utmost importance when one has to deal with other people. It became clear both yesterday and on Monday that Greece has lost credibility among European Union officials who are responsible for overseeing the economic affairs of Community members. Everyone knows that credibility is as hard to win as it is easy to lose. The new government of Prime Minister George Papandreou has an obligation to tell the Greek people the truth about the state of the country’s public finances and to utilize the experience and means at the disposal of the Bank of Greece to responsibly and accurately record the economic situation prevailing. The problem is that during its spell in opposition, the Socialists shied away from the real hard stuff. So now, they will have to take tough measures and painful decisions, even back-pedaling on numerous commitments made in the runup to the recent national elections. But there seems to be no other path on the horizon.