The Confessions of Saint Augustine

In August 2018, Greece exited the economic programs with the European partner countries, the European Commission, European Stability Mechanism, European Central Bank, and the International Monetary Fund (the latter had already opted out). This was seen as an occasion for celebration. Indeed, the economy is growing again, unemployment is coming down, the authorities report that they have been running fiscal surpluses since 2016, are committed to the privatization program, and have a growth strategy. Elections are in 2019. But the debt is still high, so arrangements were made with creditors to keep debt service manageable until the 2030s. So, there is some time to rev the engine of growth. If Greece reaches cruising speed before the 2030s, the challenges that are foreseen "in the long run" will be more manageable.

In his magnificent book from the year 401 "The Confessions of St...