It’s risky to play with fire

Kathimerini English - - Front Page -

Alarge sec­tion of Greece’s politi­cians and reg­u­lar folk have a pro­foundly mis­guided per­cep­tion of our cur­rent ills. Greece’s in­ter­na­tional cred­i­tors (the Euro­pean Com­mis­sion, the Euro­pean Cen­tral Bank and the In­ter­na­tional Mon­e­tary Fund), the the­ory goes, will con­tinue to pro­vide the debt-rid­den coun­try with mil­lions of eu­ros in loan pack­ages, re­gard­less of what we de­cide to do with our struc­tural re­form pro­grams. In other words, these peo­ple be­lieve that be­cause of the threat of a spillover to the rest of Europe from the Greek fis­cal cri­sis, our for­eign len­ders will show un­lim­ited tol­er­ance. Those who share the above view ob­vi­ously have no idea what is re­ally go­ing on in Europe. Or they are obliv­i­ous to dan­ger. The risks of this pos­tur­ing are huge. Af­ter all, the only way to re­ally test the the­ory is to put it into prac­tice – in other words by check­ing to see what will oc­cur should our for­eign len­ders run out of pa­tience. No one should be so ir­re­spon­si­ble as to toy with the sce­nario of a unchecked bank­ruptcy.

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