Don’t lose sight of goal now

The fact that the members of the troika – the European Union, European Central Bank and International Monetary Fund – are discussing the possibility of extending the period in which Greece has to repay the loans it received to save itself from bankruptcy is a very welcome development. This gesture shows that Greece’s international lenders have realized the magnitude of the problem facing the debt-ridden country and that they are willing to help out in this time of crisis. That said, an extension of the time frame should not be translated as a green light for relaxing fiscal discipline or for slowing down the pace at which the Socialist government is promoting the implementation of the memorandum. Such a reaction on behalf of George Papandreou’s administration would be a disastrous signal to send out just when everything seems to indicate that the next one hundred days will be extremely crucial for persuading Greece’s lenders to grant the next tranche of the loan.