IMF to Greece: Reforms Must Come Faster
This seems to be as good of an opportunity as any for Greece to try to exit what has been a long, painful, and ultimately tragic recession.
The International Monetary Fund, one of Greece’s three lenders comprising the ‘troika,’ has scolded the world’s economic problem child once again, telling the struggling country it must reform faster.
Reform has come slowly and painfully in the birthplace of western civilization, where years of socialism and entrenched interests resisted privatization. A culture of clientelism saw an established public economy avoid counting the number of its employees until 2010, and this number excluded those working for public companies, only including the bureaucracies.
But now, with its financial destiny at least temporarily controlled by external creditors, Greece has been pushed into a corner where it must find the will to reform, not only for its own long-term economic health, but to shore up any immediate budget shortfalls.