The many varying rumors regarding Greece’s exit from the current state of the troika supervision seem to be based more on the imagination of their propagators than reality. Beyond they any political or financial goals, what will happen the next day is clearly outlined by certain Eurozone regulations. Based on the current interrelations at the decision-making centers, we cannot expect much deviation from these regulations.
Of course we will hear various statements about the huge steps we have made and the sacrifices of the Greek people, but ultimately, it will be difficult for our European partners and creditors to change the rules to which they have agreed. Essentially there is only one solution for us on the table. That solution is an enhanced conditions credit line (EECL) from the European Stability Mechanism (ESM). This is a precautionary credit line which provides that we make certain commitments for a series of reforms.
Obviously it will not have the current suffocating troika supervision, but rather a periodic examination every six months to determine whether we are keeping the promises which have willingly committed to… However the path to a complete disentanglement from our creditors will be no walk in the park. We can see it in Portugal after all, which left its bailout memorandum before us, but in the first review they were questioned over bypassing some of their commitments.
As positive as an event the disentanglement from the troika might be, we should not delude ourselves that the worst is over. It is the political system’s responsibility and duty to not cultivate delusions that may quickly be refuted. We have one opportunity to get rid of the sins of our past and organize the recovery of the state and economy by setting our own priorities. All that is needed is a plan and above all, the political will…
TO VIMA
