Editorial: The new wealth of Greece

Greece went through a decade of trials and tribulations due to political parties' lack of foresight and the inability of political leaders in every critical transitional phase to comprehend the economic realities and assume their responsibilities.

The country's candidacy and accession to the European Economic Community was an inspired and bold move, yet Greece failed to properly incorporate the principles and rules of the environment offered by the most advanced contemporary union of states.

Greece from the start wavered between the European acquis and its Eastern tradition and efforts to enforce the acquis were half-baked.
The political and institutional dysfunctions were revealed later when the time came for admission to the EU's Economic and Monetary Union.

Everyone became inebriated with the increased levels of prosperity and consumption and indiscriminately believed that life could carry on that way with plenty of cash whenever one desired but without foresight, obligations, and effort.

For a spell the government stressed the preconditions for progress and stability but it stubbornly avoided meeting them and was finally forced to escape so as not to make tough decisions.

The political Messiah who came to power with much fanfare proved vacuous, unprepared, and without an understanding of the situation with which he was confronted. After a disastrous two-year course he ceded power.

Meanwhile, the catastrophe had been completed and would-be saviours were besieged by the ambitious political forces which were rising and believed they expressed absolute truth.

They engaged in sterile struggles as the protracted crisis continued and the country was unable to transcend the impasse.
As a result wealth was lost and...