This is no time for a think-tank
The signs, coming from all directions, are deeply disconcerting. The real economy is being gutted to the bone, banks are coming under intense pressure and financial markets seem to be taking it for granted that Greece will restructure its debt. Meanwhile, the prime minister is spending time and energy in endless consultations with his ministers. But there is simply no more time for this. Now it’s time for action, like bold privatizations and spending cuts in the broader public sector. George Papandreou is repeating the mistakes made in the early months of his premiership, but the difference between then and now is that the real economy is in meltdown and the markets, as well as our lenders, have run out of patience. Papandreou is turning a deaf ear to the alarm bells and allowing his government to operate more like a think-tank, as every wasted day becomes a wasted chance to salvage Greece’s credibility.