The market thermometer

Of all the phrases coined by the leftist government of Alexis Tsipras, that referring to a “political negotiation” is perhaps the best reflection of the administration’s understanding of how to manage the economy. When the numbers didn’t add up, the government would simply say it needed to conduct a political negotiation. The tactic sometimes worked.

This was especially true during the bailout years when some of Greece’s creditors appeared willing to engage in this sort of negotiation.

But now the kindness of some of Greece’s partners is not enough. The markets upon which the economy’s recovery is dependent rate Greece’s performance without diplomatic considerations. The markets are like a thermometer which is not interested in whether the fever it measures is a political one or not.