Time has run out on economy

The latest round of warnings from the markets and European authorities were abundantly clear and leave no room for any kind of misinterpretation. In a nutshell, what inspectors revealed was that despite his pre-election commitments Prime Minister George Papandreou has not saved a single euro, he has not taken a single serious measure to curb public spending and he has also failed to clarify who exactly is in charge of the government’s economic policy. Even yesterday, at a press conference presenting the government’s progress 100 days since its election, Papandreou restricted himself to generalizations. Today, however, is another day and it is also his last chance to table a plan of tangible and quantifiable measures that will convince international European partners that the government has finally understood the severity of the situation. If the government fails to do this soon, it will not be able some day soon to invoke ignorance of the situation in order to avoid the consequences. The time for talking has come and gone, and decisions need to be taken now before it is too late.

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