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Reforms or Bankruptcy?

Greece is at a decisive moment. It has to choose between defaulting and an economic program of structural reforms, privatization, efficient tax collection, and shrinking of the public sector. Unilateral suspension of debt payments would be an economic catastrophe for Greeks, resulting in deep cuts of civil servants' wages and pensions, bankruptcy for Greek banks, and exclusion of Greece from financial markets. An exit from the Euro would be even more disastrous, since it could lead to hyperinflation and extremely high borrowing costs.Structural reforms and privatization of state corporations will increase competition and efficiency. Reducing the size and increasing the efficiency of the public sector, efficient and fair tax collection, provision of funds for new investment that will promote growth, and bank capital expansion are necessary ingredients of the solution. Rampant corruption has to be dealt with.Given the catastrophic effects of a unilateral suspension of debt payments, there is no doubt that Greece has to choose the alternative of reform no matter how difficult. Greece has to implement deep structural reforms now.