The last chance

The problem with the so-called “troubled” state-owned companies is not so much economic in nature as it is political.

The government is trying to break the vicious cycle created by the absurdity of clientelism and restore some semblance of sound economic reality to these companies.

For most of them, the indeed painful restructuring plans that have been announced are their last chance.

The false alternative is for taxpayers to continue the practice of funding these state-owned companies until their inevitable bankruptcy and demise, when all their employees will be out of job.