OPINION

Teetering on the brink

Greece has found itself in the eye of a hurricane that began the moment it lost its last shred of credibility in the eyes of the international community. This country has become synonymous with the blatant manipulation of fiscal data and the inability of the political system as a whole to press ahead with the necessary reforms that every objective analyst of the Greek economy has suggested. Now, Greece is teetering on the brink of bankruptcy. The markets are testing the country’s mettle because they know the European Union will not be providing it with a real safety net. What we have is a promise from the strongest of our European partners and from the International Monetary Fund to lend a helping hand in the form of loans, but only if Athens sticks to the deal and adopts the measures it has announced and goes ahead with structural reforms. As things stand at present, it would perhaps be best for Greece to go with this option rather than continue borrowing at high interest rates that run up a massive bill of debt for generations to come while choking businesses and banks.