Many factors must converge for a Greek economic upturn

When Alternate Finance Minister Giorgos Houliarakis told Parliament last Thursday that the government has "full confidence" in the Hellenic Statistical Authority (ELSTAT), it naturally grabbed all the headlines. His comment appeared to confirm that the coalition is trying to distance itself as much as possible from the revival of allegations against the former ELSTAT chief, Andreas Georgiou, which elicited a forceful reaction from the European Commission a few days ago.

The unequivocal missive from Brussels seemed to be an attempt to convince the Greek government not to offer any kind of support for the new case against Georgiou, who faces fresh charges of having doctored Greece's 2009 deficit. Naturally, the Commission's intervention sparked concern about a sour mood developing between Greece and its lenders before the start of the next bailout review.

It is no...