The end of an era

We are experiencing the painful yet necessary end of an era. The crisis has brought to the surface a number of major endemic problems that can no longer be swept under the carpet.

A shakeup is already under way in the business sector. It will come at a price but not as high as the one the country would have to pay if the so-called zombies of entrepreneurship were allowed to carry on existing through a system of life-support.

Healthy businesses were in danger of closing down as they had to compete with firms that failed to pay their loans and suppliers, and did not meet their basic obligations.

The Greek economy will turn around but this will entail serious businesses, in all sectors, being able to stand on their feet.

The cleanup came a bit too late.

Many believe that had it taken place at the beginning of the crisis, competitive companies would be in much better shape today.