Mind the bub­bles

Kathimerini English - - Front Page - BY ALEXIS PAPACHELAS

ously hit rock bot­tom and it will, at some point, be­gin to re­cover. But what is the point of mak­ing pre­dic­tions that will soon be for­got­ten if they come true? And what is the point of mak­ing pre­dic­tions that will back­fire, should they not ma­te­ri­al­ize? The same goes for the cul­ti­va­tion of over­am­bi­tious ex­pec­ta­tions about what is go­ing to hap­pen in the wake of Ger­many’s fed­eral elec­tions later this year. Let’s keep our ex­pec­ta­tions low. The In­ter­na­tional Mone­tary Fund (IMF) and Ger­many are cer­tainly set for a clash over a Greek debt re­struc­tur­ing, but any pre­dic­tion on who will pre­vail is risky and un­war­ranted. Mean­while, we also need to be wary about the course of the stock mar­ket. The worst thing that could hap­pen right now is a spec­u­la­tive bub­ble on the lo­cal bourse that would hit small in­vestors and ben­e­fit a small mi­nor­ity of big play­ers. Greek so­ci­ety would not put up with find­ing out that, once again, a few were reap­ing ben­e­fits as the oth­ers were left out of the party. The coun­try’s politi­cians also need to main­tain a re­spon­si­ble stance and to fully ex­plain all the risks in­volved in any in­vest­ment ef­fort in the cur­rent eco­nomic and po­lit­i­cal en­vi­ron­ment. The Gazprom flop on Mon­day dealt a heavy blow to Greece’s am­bi­tious pri­va­ti­za­tion pro-

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