More than a vote

No matter how the deadlock between Athens and the rest of the European capitals is going to end, there is no absolute way of viewing the crisis or passing judgement on which side is right or wrong, as good arguments are plenty on both sides.

The July 5 referendum in which Greeks voted overwhelmingly against making concessions to lenders, encouraged by Prime Minister Alexis Tsipras who assumed office on January 26, 2015, may have been a waste of money and time.

Neither the European Central Bank nor the International Monetary Fund or the EU nations to whom Greece owns big amounts money are affected by the referendum, which was Greece’s own business and has no effect or consequence for the creditors.

If anything, the referendum tied up Tsipras’ hands and may prevent him from manoeuvring in negotiations.

That said, Greece is a part of the EU family. When a member of this European family is wounded, irrespective of whether it is a self-inflicted wound or otherwise, the other members should rush to its aid, support and rescue.

Helping Athens stay within the EU is the ultimate solution. By the same token, Greece has to respect the rules of its family. A minimum degree of discipline is needed.

At the same time, Greece has to help itself, to do its part. It is incumbent on it to put its economic and financial situations in order.

Every nation, rich or poor, would like nothing better than to offer its pensioners more money to enjoy a decent standard of living.

Every nation would like to decrease its sales tax to the bare minimum.

Moreover, countries enjoy having the biggest and best armed forces. But Greece is part of NATO and need not extend itself too much in that direction.

Greece knows that there are good and bad basis to run economy and fiscal affairs. It must learn to live within its means and put its house in order.

Now that Greece is banking on having a three-year bailout, assistance should be extended only if Greece lives up to basic and sound economic and fiscal rules that could put it on the road to sustainable development.