Editorial: Accounting

The saying “Hope for the best, but prepare for the worst” is perfectly suited to the matter of Greek debt relief.

The government may hope that it can conclude a good debt relief agreement, but it is obliged to be prepared for a less favourable scenario.

Practically, that means that the government’s own plans should not raise hopes in the prime minister’s office and the finance ministry.

The reason for this is that any plan will remain a dead letter if it does not secure the approval of the European Central Bank and the IMF.

In the words of a Greek saying, the government cannot plan without the consent of the hotel owner. The hoteliers in this case are the ECB and the IMF, regardless of whether the latter ends up participating in the Greek recovery programme. The decision on the viability of the debt will be made by these two key players.

Our country’s Golgotha does not end with Holy Week. It will continue for a long time after that. The government is forced to continue this ascent to Calvary, as are Greek citizens, who are the ones who bear the weight of the cross.

Nearly the entire political system has found it difficult to admit that there is no other exit from the crisis.

Any divergences from that path, such as those attempted in the past, will bring new, costly burdens.

Negotiations and cooperation with the lending and supervisory institutions are necessary.

As the Greek people say, good accounting makes for good friends.