Time has run out for government

Since last autumn, the government has found itself constantly one step behind the reality of international markets and circumstances. Today, Greece presents a picture of a bankrupt country. There is only one solution: immediate recourse to the joint EU-IMF support mechanism. The longer the government hesitates, the greater the risk of some «accident» that will jeopardize key supports of the Greek economy. It makes no difference that Greece still has a few weeks to borrow the funds it needs to meet its obligations in the near term. The cost of uncertainty for Greek markets and banks is prohibitive. Of course it is perfectly understandable that Prime Minister George Papandreou prefers to wait for the right moment to request activation of the support mechanism; the only problem is that there is very little time left. The main opposition New Democracy party must also understand this and provide whatever assistance it can in support of the difficult but absolutely necessary steps that must be taken in the coming years.

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