Shame on Europe

   Even though I do strongly believe that the current financial instability is largely our fault, it is hard to believe the lack of leadership that, once again, is plaguing Europe. The current turmoil is partly our fault because our governments have not understood the unsustainable path that they have been undertaking (spending and increasing future expenditures as if there was no tomorrow, or, at least, as if we did not have to pay the bill sooner or later), and because our current government has behaved in a reckless and irresponsible way when all the symptoms that we could be facing this situation were all there at least since the end of 2009. What have our political leaders done? Instead of acting decisively trying to persuade the markets that we were in control of the situation, our political leaders decided to point fingers at the financial markets (bad, bad markets!), and to pretend that only the Greeks were at risk, not us. Instead of designing a credible plan that could be sold to our European partners and to the financial markets, we opted for a so-so plan that promised much, but did not deliver enough. Instead of focusing on our grave economic problems, our political leaders preferred to spend their time arguing about political scandals and the looming prospects of new elections. Simply regrettable. We might end up paying a very hefty price for this carelessness and for this irresponsibility. Let’s hope not. Let’s hope that today’s meeting between the Prime Minister and the leader of the opposition marks the start of a new beginning, in which we are able to design an improved plan that is able to convince the markets that we are committed to sounder public finances and more realistic economic policies.