What’s in store for Greece: Hoping for a better future

Greece has been struck the worst blow in the past recession and its worries are yet to subside while eurozone struggles to keep itself together. It has been undoubtedly the worse case scenario anyone could have imaged with astronomical 18.4% unemployed and most of them below the age of 30. The deficit that needs to be managed is around 9.5% and the shrinking GDP rate of 5.55 does not offer any promise. In a state that is as gloomy as this, the responsibilities that the new interim Prime Minister Lucas Papademos has sworn to shoulder are as huge as the public debt to GDP ratio which will soon hit 200%. The erstwhile Greece which had a vision will have to realign itself with a new one and soon with or without international help if it wished to survive the current crisis.

However, there is still a glimmer of hope shining as light at the end of a remote tunnel. The crisis has made the relevance of democracy and right leadership clear in the Greek minds and they’ve shown their agreement with Lucas Papademos’ appointment who as former Vice President to the European Central Bank knows the way out or at least will be more aware of the steps being taken as a part of the financial and structural reformation of the country. The country now awaits a critical turn of events that everyone around the world would want to be in favor of the people and the earners in the society.

The next steps are clear and need prompt execution before the crisis takes an irreparable turn. The date of 15th December has been decided for securing the IMF and EU funds administered in lieu of abatement of the financial turmoil the Greeks have been facing since the last two years. After this, the importance of securing the balance funds and administering the four-yearly election in the country scheduled for Feb. 2012 would be high on Papademos’ interim government.  The gravity of the situation demands a super tight and crisp execution that needs commitment from start till finish. The possibility of errors can eventually ruin the country’s fate and the government and the Greek people recognize this.

If there is any chance of reinstatement of the Greek citizens’ confidence then it has o be through certain well defined goals that need stringent adherence. The erstwhile attitude of political favoritism and corruption within the political echelons needs to completely vanish and the opposition headed by Antonio Samaras needs to co-operate in ironing out the crisis with the current government. Reinstatement of the essential aspects in the tax system and ensuring that these rules are enforced without any exceptions would benefit long term procedures and encourage accountability. Privatization of state assets and companies can yield additional power to the economy and discard redundancy that has set in. Encouragement of restraint and involvement of trade and employee unions in the decisions to resolve the crisis must be made a priority to avoid clashes of interests.

These steps and goals are tough but crisis are seldom easy to get out of. The Greeks recognize the responsibility they need to shoulder so as to avoid the world economy from crumbling. At the same time, they are right in looking for help from the eurozone, which in their opinion has reacted too little, too late. What the resolution to this crisis hold is the promise of a better political atmosphere and governance in Greece and an example of efficient preemptive measure from the EU that can avoid such crisis from happening in the future.

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