Although less noisy, the Greek tragedy is ongoing

Recently, Cyceon wrote that after several years of austerity, the situation of Greece has failed to improve in sound proportion to the many efforts made by both its population and its government. Although Prime Minister Alexis Tsipras has been elected on a radical leftist political program, he finally decided to seek compromise with the European Union (EU), the IMF and Greece’s creditors in order to avoid a complete banqueroute and the likely end of the euro area.

Tsipras’ stance has disappointed many within the ranks of his political party Syriza as well as large numbers among the voters. From the one hand, he didn’t keep his promise of ending austerity measures and his rating approval has weakened as a result. On the other hand, he extended austerity measures and this way saved Greece from an impending fall into financial oblivion.

In the end, Greece’s situation hasn’t improved significantly enough for one to affirm that the Greek issue has ended and that the euro area has escaped the worst. Greece does remain a central issue with a 176%  debt-to-GDP ratio even if the lowered media attention may be spreading the false assumption that Greece is safe and sound. Bitter words over “debt relief” between Tsipras and Greece’s international lenders are ongoing like an unending Greek tragedy.