Monday, April 25, 2011

The Debate that Greece Still Needs to Have

I have written in the past about the need for a more honest accounting of how Greece got into this mess (here) as well as for more clarity from the government about what needs to happen next and where the country should be headed (here). It is no surprise, therefore, that I found the following diagnosis, by Bank of Greece Governor George Provopoulos, to be heartening: 
"There has been no full explanation of the causes of the crisis and of the effort required. The policy inaugurated in May 2010 challenged certainties that for many years were unassailable and it clashed with the dominant attitudes of the past. But there have been no convincing answers to the questions: how did we get here? Why did the development model that we followed the last thirty years collapse and what does a “new development model” mean? What are the real facts today? What rights, obligations, opportunities, responsibilities and limitations does our participation in the EU and the Eurozone entail? What are the alternative options and what are their costs? Which dangers lurk and how to tackle them? What is the final result of this effort and how are the reforms promoted today linked to that?" (2010 Annual Report, p. 23; so far only in Greek here. My translation).

I do indeed hope to hear more of these discussions in the months to come.

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