Of implementation as the real political virtue

Posted by Antonis D. Papagiannidis 24/09/2018 0 Comment(s) Economia Blog,

The months ahead will be for Greece, its political system, its society and economy, an uphill struggle – with what? Well, mainly with the need to realise that all solutions reached over crucial issues (the end of the era of Adjustment Programmes, the end to the “name issue” between Greece and FYRoM, the participation to the European efforts to face the migration issue) have to go, now, through the stage of implementation.


Just by having a closer look at the ongoing internal debate over the (agreed upon) pensions cuts that are now repudiated by the whole of the Greek political system – thus causing a new series of tremors in Greece’s relations with its European creditors, as well as in the markets it is trying to access – one gets the impression that political will stops, abruptly, when implementation comes to the fore.


In a similar way, decisions already taken as to the need for Greek systemic banks to go faster in reducing their exposure to NPLs prove difficult to implement, now that the real tough part has to be faced: liquidation through auctions of collateral for secured NPLs, selling of loan portfolios to specialized funds.


Shifting to the “name issue”, as the referendum over the Prespes Treaty at Skopje gets closer (it is planned for September 30..), the onus of a final political decision shifts to Athens – and to the vote in the Greek Parliament. The issue raises havoc in Northern Greece/Macedonia, so MPs will have to go through the wringer of public opinion.


While the refugee/migration issue gets discussed and debated heatedly time and again at a European setting – but all the while, the deterioration of living conditions in refugee camps on the Aegean islands has created a real humanitarian crisis that cannot wait.


All of which needs implementation of concrete measures: once more implementation as the real political virtue.


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