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  • Editorial: The problems that cannot wait

    It is indicative that after the government was sworn in, the first two conferences dealt with the faltering Public Power Corporation (PPC) and the huge issue of non-performing loans (NPLs).

    First cabinet meeting of the new government , at the Greek parliament, in Athens, on July 10, 2019 / Πρώτο υπουργικό συμβούλιο της νεας κυβέρνησης, στην Βουλή, Αθήνα, στις 10 Ιουλίου, 2019

    From the get-go the incoming government is confronted with a series of major problems that must be tackled immediately.

    It is indicative that after the government was sworn in, the first two conferences dealt with the faltering Public Power Corporation (PPC) and the huge issue of non-performing loans (NPLs).

    The PM and his ministers may say that they are prepared and have specific plans to deal with the critical issues that they face, but the solutions are anything but simple.

    The country’s largest enterprise has long been bedeviled by accumulated problems which the previous government swept under the rug or postponed.

    The need to clean up and restructure PPC is exceptionally urgent. The company has immediate funding needs. Above all, it needs a competent and effective management which can guarantee the country’s energy security.

    It is no easy task as it is difficult to find competent managers who are prepared to clash with vested interests and trade unionist biases.

    The looming NPLs problem is equally crucial as it is directly linked to restoring the banking system’s normal operation.

    The beating that bank stocks took on the Athens Stock Exchange yesterday reflects deep concerns.

    Given the fact that the solution of the problem requires the consent of Greece’s creditors, it will be difficult to resolve the issue immediately.

    The good thing is that the government is well aware of its immediate priorities.

    Instead of setting aside the tough problems it is immediately seeking solutions, which shows that this time there has been planning and there is a will to solve problems.

    It is important that the PM from the first moment is tackling major issues and wants to personally oversee his ministers and cadres who are handling them.

    Mr. Mitsotakis and his government must find rational and substantial solutions to these two critical problems that will determine the course of the economy and the country.

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