The dramatic events unfolding in neighbouring Italy remind one of how vulnerable our country is to market forces.
It should be viewed as fortuitous that this reminder came now, and not in a few months, when the government may have been celebrating a “clean exit” from the bailout memorandum.
If that were the case, we would not be speaking of a reminder, but rather of a disaster – a catastrophe with incalculable consequences.
There is always a silver lining, one might say, as long as the message can be received by a government that turns a blind eye even to the most resounding warnings, such as the rise of the Greek bond spreads.
Is the picture not clear? The quicksand in which Italy is moving and the governmental tremors in Spain render an unprotected return of Greece to the markets prohibitive.
A return when the markets are boiling would not be just a step into the unknown, but rather a leap into the abyss.
The government is deluding itself if it believes that with a cushion of 18, 20, or 25bn euros it can sleep easy while a storm is raging out there.
No self-deception, no righteous sleep, and no cushion can protect the country.
Realism, planning, and use of the right financial tools, however, can protect the country.
That is the only way to absorb the shocks wrought by the Italian boot. Otherwise, the land of Greece will not stop trembling.