Transpose this into a corporate debt restructuring. The Troika would be the equivalent of a Steering Committee of lenders and the TFGR would be the equivalent of a consulting firm. The Steering Committee reports to the lenders which it represents; the consulting firm reports to the company’s CEO. The Steering Committee makes sure that the interests of lenders are defended; the consulting firm helps the CEO to get the company back into shape.
If you were a shareholder, which of the two efforts would be of greater interest to you?
The one-sided fascination on the part of Greek media with Troika-beancounters is simply not understandable to me. It starts with travelling schedules of the Troika. When will they come? How long will they stay? Why did they interrupt the visit? What will be their verdict? Etc.
Search for publications of the TFGR’s activities and you will not find too many.
If one is to believe the latest Quarterly Report of the TFGR, there is an enormous quantity of activities under way to provide technical assistance to Greece in reforming the economy and public administration. The reader gets the impression like the building of a new country is in process. Perhaps much of that is ‘hot air’. Perhaps it isn’t.
This blogpost describes very well the desolate spirits presently prevailing among Greek population; the lack of a future perspective. Well, is that a surprise when all one hears and reads about is how things will get a lot worse in the near future? Of course, hearing and reading good news will not have any impact on the hard facts of the country’s problems but publishing good news does have an impact on public sentiment. It is one thing to suffer in a hopeless situation and quite another to suffer with the prospect of a better future.
If one believes the latest TFGR report, there is something to hope for. The problems are so obvious and so large that it seems obvious that, if they get fixed, a more prosporous Greece must be the automatic consequence.
Thus, I would strongly recommend that Greek media, bloggers, twitters, etc. devote time to what the TFGR is doing. Report on their activities, comment on the plausibility of their plans, stimulate a public discussion about those plans.
What is the objective here? An attempt to build a better Greece or a desire to explain why the country is doomed?