Editorial: The government is not honoring the sacrifices of the Greek people
In the seven years of the crisis, Greece has achieved fiscal and structural feats…
In the seven years of the crisis, Greece has achieved fiscal and structural feats that are unique in world economic history, thanks to the sacrifices and perseverance of the Greek people.
There is not country in the world that has managed to almost eradicate the so-called twin deficits, those of public finances and the balance of payments. In 2009 the fiscal deficit amounted to 15% of the GDP and now it has been reduced to a minimum, well within the limits set out in the Treaty of Maastricht.
In 2016 it is expected to be 3.1% of the GDP and in 2017 it is estimated to shrink to just 1.7% of the GDP.
Meanwhile, during the crisis, the Greek economy has coved its competitiveness deficit and eliminated the deficit of the external balance of payments, which also amounted to 15% of the GDP in 2009. There was even a small surplus in 2015.
Additionally, the Greek economy changed dramatically in the recent years. It opened up and was liberalized, with all securities retreating significantly.
Greece is now a cheap and attractive country for the concerned economic powers in the world…
Normally, after the fiscal and structural reforms carried out during the crisis, Greece should be enjoying the trust of the markets and be treated as a based of major opportunities from international investors.
But why does the country remain marginalized? Why does it not have access to the international markets? Why do interests remain high? Why are international investors reserved and reluctant to invest?
The answer is quite simple: Because the lack of trust remains, because our political system and the government in particular do not inspire confidence and cannot convinced that they will maintain this performance over time and because everyone is convinced that at the first opportunity they will drop the ball, after all the efforts and sacrifices.
The suspicion is fueled and remains high from the political and government initiatives. The proportional representation system is viewed abroad as a basis of instability, contrary to the government claim that it will provide stability. The recent proposals for a constitutional review further spread the doubt. Just like the ministerial delays, they are not encouraging.
The government and Prime Minister are probably underestimating or rather not honoring the sacrifices of the Greek people. If they were aware of them they would honor them and do everything they can in order to support them.
Instead of honoring the people’s sacrifices, they are trying to cover and protect their power.
The country’s recovery and exit from the long-term crisis is a matter of priorities and nothing else.