Milestones and challenges

The fact that Greece was able to sell treasury bills with a negative yield for the first time is a major milestone which carries significant symbolic weight.

It signals that efforts to reboot the economy are taking place in a positive and conducive international climate. There is still a long way to go, however, before these efforts start to bear fruit. The path of reform is hard, and it is an uphill battle.

Optimism does not hurt, but there is no cause for jubilation quite yet. As the saying goes, it's not the past performances that count, but the future ones.