Reforms are still required
Greece’s return to the markets is a positive development. However, we mustn’t presume that this means the markets have suddenly decided to put their trust in Greece again. Today, they are lending to Greece again because the country finds itself under strict fiscal supervision that does not allow those who govern the country to simply do or act as they please while they’re in power. Nor does it allow them to appoint whomever they please or make as many appointments as they wish, or to return to old models of governance which played a hand in bringing us under the memorandums in the first place. The people who govern Greece need to carry out reforms and show respect toward the country’s institutions before it can emerge from the intensive care of the bailout memorandums and make a comfortable full return to the markets on the path to growth and prosperity.