It’s only possible if taxpayers really feel threatened and are convinced that the risk of not having a bazooka is greater than the risk of having one. They may sense this risk only when contagion is widespread, and markets have become extremely tense, but at that point the socalled bazooka may no longer be sufficient to restore stability.
It this vein, we endorse the activity and positive role of the EBRD in Greece, in particular during the last couple of years following the establishment of its local office. Its commitment to the country sends a strong signal to private sector investors that Greece is serious about reforming and rebalancing its economy.