WSJ: Greece can now “call its own tune”

The electronic edition of the Wall Street Journal published an article at the weekend which says that Greece is finally able to “call its own tune” and control its politicians. According to the report, the Eurozone crisis is not going to end until doubts over Greece’s perspective have been eliminated. The WSJ article further estimates that based on the latest review of the program designed for Greece by the troika, there are still many reforms that have yet to be implemented.

Of course the WSJ article recognized the significance of the recent agreement between the troika and the coalition government, as it demonstrates Athens’ ability to hold its ground on critical issues, such as the budget, the bank recapitalization and structural reforms. The article even praised Prime Minister Antonis Samaras’ management for turning the economy around.

It notes at some point that at the start of the bailout review, the IMF had insisted that Greece faced a substantial deficit in 2013 and demanded further fiscal tightening. The article states that the Greek government stuck by its more optimistic forecasts, refusing to take actions that would prolong the depression. The decision was vindicated when Greek government figures showed that the country achieved a 1.1% surplus before interest costs in 2013”.