The negotiations with Greece’s international creditors –the so-called troika- on the final details of the economic program that will accompany a second, €130 billion bailout loan seem to have developed into an endless unpopular serial, thanks largely to political leaders that refuse to shoulder their responsibilities, and with a public opinion that appears unable to follow elementary logic.  At the same time, misplaced –often provocative- statements by European officials offer little help in steering us away from a mass nervous breakdown.

By Aggelos Stagos

The troika is clearly under instructions to plug all holes through which the unreliable Greek political class might try to escape. According to all reports, the final document which the three political leaders supporting the coalition government of Lucas Papademos will receive today will be “deadly,” making things even more difficult. The flipside of the coin is the specter of a disorderly default and its repercussions, which, however, no longer seem to frighten as many Greeks and Europeans as much ass they used to.

The three party leaders have to sign the troika document without delay. February 13 is the last deadline for the closing of all outstanding issues so that Greece will receive in time the money to repay the €14.5 billion bond maturing on March 20. Merkel and Sarkozy want to put the Greek problem behind them, but, to be realistic, it is not at all certain that Greece will be able to exit the woods even with the new bailout loan. There are serious doubts abroad that the recipe of a loan, rather than aid, is the right one but this will not change, for the time being at least.

An even more serious problem than the recipe, however, is the refusal of the overwhelming majority of society and the political class to make an effort  to adjust. If this country does not make its utmost to exit the crisis, it will founder and sink. Nothing is done by compulsion alone. Unfortunately, the indications are disappointing. Many of the Socialist PASOK party deputies are threatening not to vote for the measures, conservative New Democracy leader Samaras is under fire from the populist Right which he helped raise, and nationalist Karatzaferis likes posturing as the hardliner, warning of the pitfalls of Chamberlain’s policy of appeasing the Nazis.

P.S. There is no doubt that the measures will be harsh and painful,  but anyone who has found a different way out please come forward.