Op-ed by Ch. Gotsis - 'The right decision'

Very few times has our country found itself at such an important crossroads. A 60-year effort to be a part of Western Europe hung on one decision. Our future and that of our children was threatened by an orchestrated attack from some northern Europe circles, who have long been pushing for Greece's expulsion from [Europe's] inner core, always led by German Finance Minister Wolfgang Schaeuble and his coterie.

The trap was well set but Greece's prime minister did not fall in. Schaeuble's team did not accurately measure either the tolerance for their inappropriate pressures on the Greek government for additional measures nor the alliances that the Greek side had built up in the meantime. Finally, instead of a Grexit we reached an agreement that could remove this danger completely.

The agreement itself contains a host of measures that will undoubtedly act in the direction of ... intensifying the recession. The precise extent [of this recession] will depend on the repercussions that capital controls and the bank holidays have on the real economy.

Once again, the burden of the new programme will not fall only on the wealthy but also on low income classes, with increases in VAT on basic necessities, and real cuts to pensions.

Unfortunately, in politics one often has to choose between two bad solutions. The first is the danger that the country will enter a new recessionary cycle. The second would undoubtedly have led to a disorderly default, a national currency and isolation, with drastic repercussions lasting for decades.

The prime minister made the first choice and acted rightly but must now work hard to minimise the negative repercussions of his choice.