There is no easy way out

It won’t be easy to solve problems that have been building up for decades within a few months, such as the chaos that reigns on every level at state-owned enterprises and the need to liberalize closed-shop professions. Putting these areas right will take iron will and hard work, as any changes will be met by a swift and brutal backlash from labor groups that have ruled the roost for decades. However, the government cannot fail, because too much is at stake. The European Union and the International Monetary Fund are aware of the level of difficulty and they are willing to help but the further Europe as a whole is pulled into a financial maelstrom, the harder things are for Greece. This is why, irrespective of the memorandum, Greece needs to adapt to the new situation – however painful it may be.