We may not be experiencing the dramatic circumstances from last year with the endless cues and quarreling by the ATMs, however the effects of the capital controls are a part of our daily life. We may have all adapted to the new reality, however the effects on the economy are here to stay for some time.
The Tsipras government decision to lead the country into a dangerous, as they were well aware, referendum literally turned around the people’s lives and dramatically burdened the economy and banking sector. The government u-turn that followed, despite the proclamations, did not reverse the consequences of this traumatic – for the country – decision.
The economic damages were and still are huge. We were lead to another bank recapitalization with the taxpayer footing the bill once more, deposits were taken out, hundreds of businesses reached an impasse with many jobs lost, no new businesses can be established without funding, exports dropped and became even more difficult and consumption dramatically shrunk.
And all this because in a deluded and obsessive government, by the Prime Minister’s own admission, preferred to risk the country’s future with a referendum while not daring to assume the cost of the decisions he had to take. These are the decision he had to take, with an even greater burden, after the infamous, heroic 17-hour negotiation.
The delusions about tearing up the bailouts resulted in an even more painful bailout with even harsher measures than those previously on the table and the economy reentering a recession. As such, we are the only county that has been unable to overcome the crisis after six years and it appears that we will be bound and supervised by the bailouts for some time.
The biggest victims are, of course, the private sector, which is drowning in uncertainty; the unemployed and young who are having to emigrate and the people who see the tax burden increase every year. Unfortunately the delusions have a major cost, both for those who cultivate them and those who believe them…
TO VIMA
