The Eurogroup’s postponement of the disbursement of the 1bn euro tranche from the profits of eurozone central banks on Greek bonds confirms that no one aside from government espouses its narrative about a return to normalcy.
It shows that the country and its economy remain shackled by the distrust of creditors and that the PM, despite the willingness to serve the commands of creditors that the opposition attributes to him, has not in the least managed to restore the credibility that he played a major role in losing.
The Eurogroup’s decision can only have a negative impact on markets at a time when the country is testing its endurance in borrowing from them.
An economy does not build endurance with triumphant declarations and self-deceptions, of the kind one has tragically witnessed in the recent past.
It would be suicidal for the country to once again adopt the same triumphant stance and delusions or to look on passively as the government boasts and reveals its delusions.
The country remains economically vulnerable. It is exposed to an unstable environment and it is bound by enhanced surveillance. Whoever denies this reality is essentially denying the great efforts and sacrifices of Greek citizens and the long road ahead.
The government first of all should have understood this and issued a warning. Unfortunately, it always reacts in the same manner and relegates the country to the bottom of the barrel.
