Greece’s second exit to the markets may be considered successful by the government, since they managed to achieve the desired interest rate, however the yield was much less than initially expected.
This development is due to the climate of uncertainty in the international markets, a consequence of a Portuguese bank’s inability to pay off part of its debt.
This illustrates how despite the efforts and measures taken, the European crisis has not ended.
All it needs is for a regional bank to take a wrong step and a new cycle of uncertainty will begin, making stock markets plunge while the bonds of countries facing problems skyrocket.
Consequently, aside from Greece which has restricted its demands, due to the uncertainty, a series of banks and businesses will have to suspend their plans to draw money from the markets.
The message should be clear and revealing for all those who believe that we can go it alone and rid ourselves from the help of the Europeans and the accompanying commitments. As it turns out, it is not just our country that is at a crossroad, but the entire European economy and all it needs is a small accident for a crisis to begin.
Unfortunately for the people who continue to suffer, exiting the crisis and regaining our independence needs greater efforts and above all a plan, consequence, organization and a lot of attention. The easy and frivolous promises may sound nice, but they can easily have a boomerang effect.
As long as the international credit system is dominated by the hawks from the markets, as long as the political leaders of Europe insist upon half measures, the instability and uncertainty will continue to accompany us.
We should take care of everything that is wrong locally and invest as much as we can in rebuilding domestic production, in hopes of managing to reduce our dependence on the markets and our creditors.
The road may be rough and arduous, but unfortunately there does not seem to be any other way in the horizon…
TO VIMA
