The country is at risk of not receiving the profits – amounting to approximately one billion euros - on Greek bonds held by the European Central Bank.
With all that has been occurring recently it is clear that the country is confronted by an institutional crisis which has reached or even surpassed the limits of political aberration.
At the same time, Greece is still confronted with an economic crisis.
As hard as the government may try (even with means that it cannot control) to convince citizens that the economic crisis is over, the gathering clouds belie the assertion.
A recent example is indicative. The Parliamentary State Budget Office reminded the government that it must successfully conclude a fiscal evaluation by creditors and warned of the tremendous fiscal risk posed by a possible court-ordered pay back of salaries and pensions that were slashed during the crisis.
Meanwhile, the institutions conducting the mandatory enhanced surveillance of the Greek economy have expressed objections to the deal between the government and Greece’s four systemic banks regarding non-performing loans (NPLs) and the protection from foreclosure of debtors’ primary residence.
Moreover, the country is at risk of not receiving the profits – amounting to approximately one billion euros - on Greek bonds held by the European Central Bank.
The government has provoked an institutional crisis and is responsible for the perpetuation of the economic crisis. It has a duty to do whatever is necessary in order to protect the proper functioning democracy.
It must also do whatever is necessary for the economic crisis not to evolve into a tsunami.
The Pandora’s Box that the government is responsible for opening must be shut immediately.