In the eyes of many, the 7 July parliamentary elections signal not only a handover of governmental power, but also a return to normalcy.
The historic drop in Greece’s ten-year bond yield leaves no doubt about the expectations that are being cultivated for the day after the 7 July Greek general election.
In the eyes of many, the parliamentary elections signal not only a handover of governmental power, but also a return to normalcy.
It appears that Greece is regaining part of the trust that it lost in the international environment.
The bar for the next government has been raised high.
That is not because anyone domestically or abroad believes that everything will magically change on the morning of 8 July, but rather because it is believed or hoped that the next government will conduct politics seriously, decisively, and with the vigour that circumstances require.
There is an expectation that there will not be a repeat of phenomena of extreme populism that deeply wounded the country, most notably with the extension of the crisis for an extra four years.
The next government must do everything in its power to meet these expectations, not in order to please the markets or creditors but rather in order to build the necessary foundations for the Greek economy to be smoothly re-inducted in the global economic environment, and in order for the economy to have an opportunity to grow rapidly and without the constraints of a new fiscal adjustment programme.
Now is the time to grab an historic opportunity.