Off balance

Things have definitely changed in Greece but this is not necessarily something that the country's politicians and certain businesses have grasped. The game, as it were, has become much more complex and more global. Take a look at the banks, the mergers and the big company takeovers.

A senior government official recently admitted his surprise at seeing that banks are no longer run as they were in the good old days. "You used to be able to just call the National Bank of Greece governor and sort things out in a couple of minutes," he said with a twinge of nostalgia. Those times are certainly gone for good.

There are private investors and shareholders, some of whom are powerful international players, with strong opinions and connections that go beyond the local scene. Also, there are European institutions that, for better or worse, have a say in developments - the...