Time to give Greece a chance with lower primary surplus targets

The endurance of the Greek economy is noteworthy.

Despite the worsening of the external environment and the geopolitical tensions in our neighbourhood the country’s economic climate index rose to 109.5 points last month, the highest level in the last 12 years and steadily above the EU average.

Consumer trust was maintained at a 19-year high.

An improvement although slow was observed on the unemployment front. In October the rate was the lowest since 2012, falling to 16% from the previous month’s 16.8 percent.

All of the above, combined with other indices and the stock market rise, confirm the progress Greece has achieved and bolster the view that the country has transcended the toughest patch.

Greece paid a heavy price in order to wrench itself from the crisis which was due first of all to its own mistakes and sins.

In recognition of the great sacrifices of the Greek people, the country’s creditors should take a further step to assist in efforts to establish and expedite the path of economic growth.

Such an act of good will would be a positive response to Athens’ demand that the primary surplus target – a noose that is choking the Greek economy – be lowered.

Greece cannot be punished ad infinitum for the errors of the past.