Growth requires social consensus on reform
None of these early successes in correcting the imbalances, which brought about the crisis in the first place, will have been worthwhile, unless the necessary structural reforms are implemented so that the country can aspire to sustainable recovery and, eventually, economic growth. But for this to happen the reform programme has to be “owned” by the political establishment and society at large. For now, this is not the case.
This can be partly explained by the fact that much of the political leadership’s energy is spent on the “blame game” as to who is responsible for the crisis instead of explaining why the proposed measures are for the benefit of the vast majority of society. Also, in refusing to take responsibility for policy mistakes and past excesses, it is easier and more convenient to absolve the local voting population and to blame the “foreigners” who are “imposing” conditions and as such they are an easy target. The people of the Troika themselves could have done a better job in explaining the rationale of the proposed reform programme, through a more active engagement with civil society.