Editorial: Bridge for growth

Thursday, April 10, 2014

Greece’s return to the capital markets, after fours years and sooner than expected, is objectively a turning point in the country’s path to exiting the crisis. It signals Greece’s reintegration in the global financial system, from which the country had been excluded, while paving the way for a final settlement of the country’s public debt.
Obviously, the return to the markets was facilitated by the international financial circumstances. However many funds might be available, without the trust of foreign investors, that we can make it out of the crisis, nobody would take the risk to invest in our country.
And of course, if we didn’t have the positive fiscal results – the primary surplus, the troika and our partners recognizing the progress that has been made – then any attempt would be doomed. The fact that many more funds are offered that what we are asking for is a clear indication that Greece is beginning to reclaim its lost trust.
That is why the opposition’s criticism is unfair, because it can’t tell the forest from the trees. No international speculator would risk any funds to facilitate the propaganda and opportunistic games of the government, as some are quick to claim.
A successful return to the markets does not only facilitate the government, it pave the way for the banks and private business to gain access to cheaper loans than previously. These are funds that the economy needs to finally exit the vicious cycle of recession.
The first step is undoubtedly positive. It restores our bridges with the international credit system and leads to the gradual disentanglement from the painful bailouts and our creditors’ commitments. The exit from the crisis is a long road away, but the major achievement will be to restore the country’s trust. That is an achievement attributable to all of our sacrifices and it would be a tragic mistake to underestimate.


TO VIMA