The fiscal crisis in Greece is deepening, today she stands at a budget deficit of almost 13% of GDP.
I fear that the longer Athens waits to adopt a credible solution to deal with the country’s economic troubles the worse it will get. The cost of Greek debt has already been blamed for the currency decline of the Euro since its $1.51 high in November 2009, today it is barely over $1.40.
To explain the title, I refer to the story of “Sisyphus,” a character of Greek mythology who because of his misdeeds was sentenced by the gods to roll a huge stone up a hill for eternity. This act was futile as Sisyphus would work hard to see it roll back. Lets hope Greece is not condemned to a similar fate.
Yesterday, Finance Minister George Papaconstantinou stressed that the country was capable of dealing with the crisis.
“We’re not expecting anyone to come to our aid,” he said during a conference in Athens. “Greece has neither asked for, nor is it expecting, anything of the sort.”