Early on Tuesday morning, a small bomb exploded outside a building in Athens that houses the offices of the Greek business federation. Thankfully, no one was injured in the explosion, but it has raised fears that left-wing extremists are about to embark on a campaign of violence in opposition to the bailout deal agreed to by the government of Prime Minister Alexis Tsipras and the so-called ‘troika’ of the European Union, European Central Bank and the International Monetary Fund.
Yes, after all that has happened and with Greece being in the news as a portal for desolate Syrian refugees heading to Europe, one would be forgiven for forgetting that small matter of Athens’ desperate public finances.
On Monday, Eurozone finance ministers approved the release of €2 billion (Dh7.8 billion) in rescue loans to Greece after the authorities legislated a raft of economic changes, including stricter rules for the protection of overly indebted homeowners.
The timing of the blast cannot be overlooked, but Athens cannot be dissuaded from embarking on the tough cuts necessary to put its fiscal house in order.
