The Black Wednesday with the crash of bank shares last week on the Athens Stock Exchange, unfortunately demonstrated that the government is in the dark, as regards the operation and needs of the banking system.

It is not that the government is not aware of the situation that has developed in the banking system because of its actions, from the brief shutdown in the summer of 2015, to its subjection to partisan games.

The unwillingness of a series of government cadres to assume the oversight of the system, which led to that task being assigned to State Minister Alekos Flambouraris  (photo), bears witness to the fact that a number of ministers were unwilling to deal with this hot potato.

Naturally, the problem cannot be handled by waging a continual war with the Bank of Greece, the country’s central bank, and its governor, Yannis Stournaras.

It also cannot be addressed by burning bridges of communication with institutional players, who are not novices.
In the over three years that the Syriza-Independent Greeks coalition is in power, they did nothing to shield the country, its economy, and the banking system.

On the contrary, it exposed them all to even greater dangers.