Time is running out for Greece, which faces a €14.5-billion (Dh69.4 billion) bond repayment on March 20. Greek politicians and public should come to terms with the new realities and work together to rescue the country from a possible default next month. Sacrifices are essential to save the country and build a better future for the next generation and Greece must be prepared for this.
The good news is that Greece, the bedrock of ancient civilisation, is moving ahead to complete all procedures for a second international bailout and expects Eurozone finance ministers to approve the deal at a meeting on February 20. Greece's leadership appears to have fixed its differences and has agreed to the tough conditions.
This might not be the end of it — it could mark the beginning of a prolonged and painful end. Unfortunately, the people of Greece do not have any choice but to endure the saga. The other option could be a catastrophe, or a Greek tragedy, and this time an economic one.
Greece's rescue will prove quite significant for European leaders. First, this is a real test for them to demonstrate that they think alike and approach the problems in the same frame of mind. This is crucial, especially if the continent wants to become a ‘United States of Europe', then its leadership should behave like one. In that context, Europe cannot let Greece default or slip from the Eurozone. Unfortunately, the Greek financial crisis has, to a certain extent, exposed the vertical cleavages that divide the continent.
The latest round of verbal bouts among European officials does not go well in solving Greece's problems. They should work closely to clinch the deal and ensure that the country manages the aftermath well. Otherwise the release of the €130 billion second bailout might not bear the required fruit.
