OPINION

PR will not accomplish everything

The implementation of the memorandum signed between the Greek government and the International Monetary Fund, European Commission and European Central Bank to secure vital financing for the debt-hit country has enhanced Greece’s credibility internationally. The introduction of some painful reforms, such as the changes to the pension system, have also helped in this. As a result, key members of the international organizations are said to be considering extending Greece’s loan repayment period. If this is true, they are obviously doing this to safeguard their own interests and to make sure that they will get their money back. But we need to be careful. Government members must not make the mistake of thinking that the danger of bankruptcy is past, for that would be fatal. Greece is facing an uphill struggle. The economy’s credibility is in the balance. No lender will be persuaded to give us money simply because of some good PR work. On the contrary, the global markets, the IMF, ECB and EC are studying and monitoring every detail of the fiscal reform program. Greece must meet words with deeds.