Recall March 2010. Tensions over the Greek debt crisis were running high within the euro zone and among our international partners. People were talking about the end of the single currency. After weeks of intense consultations, phone calls, long days and even longer nights locked in meetings, a sense of determination and solidarity prevailed among European policy makers: "We swim together or we sink together."
Then came May 2010. Europe agreed on a joint euro area and IMF loan-support package for Athens, conditional on Greece's strict implementation of a credible fiscal adjustment program. Many outside critics doubted whether Athens could get the job done.
Now, August 2010. The Commission's first review of the program's implementation shows that, so far, Athens has proved the doubters wrong. Greece's ambitious and front-loaded adjustment program is on track to deliver a return to macroeconomic and financial stability, and stronger and more balanced growth in the medium-term.....
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