Not a day to lose on reforms

The government of George Papandreou cannot afford to prevaricate for even a single day regarding the adoption of new measures that will put some order in the fiscal chaos that is threatening to plunge the country into bankruptcy. Any sign that the government is dragging its feet and extending the period of uncertainty by failing to take these tough but necessary measures will have a catastrophic impact on the real economy, and especially on businesses and the banking sector. There is no longer any margin for negotiations and exploring other, less painful options. The package of extra steps that are due to be announced in the next few days, as well as the austerity measures that were unveiled by Papandreou at the beginning of this month need to be submitted to Parliament immediately and voted upon. This is the only way to reverse negative sentiment in international markets, stop investors speculating at Greece’s expense and end the uncertainty that has been throwing the country off balance.

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