Downside of being rescued
A lot has been said and written about a European «rescue plan» for the Greek economy, but what we must realize is that if the government’s lack of resolve does eventually lead to this kind of an intervention, it will not be a simple plan to help reduce the pressure being applied by international lenders. In practice, the «rescue plan» would be a systematic program of reforms that will help Greece but only under extremely strict and rigorous conditions. In other words, if our European counterparts do ultimately decide to help us, they will only do so if they are assured by regular and stringent inspections that the country is actually doing what is necessary to put some order to the chaos of its public finances. Not only would such an imposition be a painful process for the people of this country, it would also have a profound impact on its political sovereignty and the public’s faith in the political system when we realize that the country has reached the point of requiring a financial guardian because the political system failed.