Clear plan and vision required
Prime Minister George Papandreou seems determined to introduce additional financial measures to curb the country’s gargantuan deficit. Regrettably, the PASOK government was late in fully understanding the seriousness of the situation and, as a result, it helped to create a mood of uncertainty, even panic, on the market. One hopes that the soon-to-be-announced measures will be far-reaching and bold enough to allow Greece to borrow money on normal terms and at reasonable conditions. The financial market has been plagued by a vicious circle of timidity and suffocation that must be broken. So when Papandreou announces the new package of measures, our European Union peers should also come up with a plan to back the Greek economy. This is the only way to end damaging speculation about measures and to curb the intense pressure on the market, the businesses and the banks that threatens to devastate the country’s real economy.
