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October 22, 2019

Greece must come out from the rescue programs in 2018

GreeceGreece must come out from the rescue programs in 2018. At this stage, the participants in the process agree that the country does not need further agreements, and the International Monetary Fund (IMF) plans to have only a consultative role in the coming months.

After August Greece will turn a new page – with or without a precautionary credit line or monitoring. The real question today is whether the country has learned from its mistakes in the years of the crisis. Did the politicians and the people know that the blame for the problems is in them, not someone else.

The European partners also made mistakes because they were not prepared for such a serious crisis and the rescue of banks was the first priority. The International Monetary Fund also acknowledged its mistakes in Greece.

But above all, the problem is Greek – the authorities have allowed debt and deficits to go out of control, salary and pension costs have been excessive.

If the lesson is scientific, Greece in 2018 will look different from Greece in 2008. This is the only way for the country to stand up and for the economy to develop sustainably.

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