May 16, 2012
Pity Karolos Papoulias. The 82-year-old president of Greece has spent over a week trying to persuade the country’s fractious political leaders to form a government after a general election on May 6th failed to produce a clear winner. Mr Papoulias, a soft-spoken former foreign minister, handed out mandates to various party leaders, none of whom could deliver, and made a three-day effort of his own, before finally giving up yesterday.
Success would have given Greece breathing space, if only for a few months, to pursue urgent reforms—such as recapitalising its insolvent banks and getting on with privatisation—to help restore its credibility with European partners and financial markets. Instead, another election now looms, on June 17th. Until then the country will be run by a caretaker government under Panagiotis Pikrammenos, Greece’s most senior judge. Lucas Papademos, the ex-European central banker who has run a coalition government for the last six months, overseeing a €206 billion sovereign-debt restructuring and Greece's second bail-out, was not asked to stay on.
The transcripts of Mr Papoulias’s last three meetings, made public at the request of Alexis Tsipras, the leader of Syriza, a hard-left coalition, and Greece's rising political star, reveal a disturbing lack of vision among the men who are supposed to be Greece's leading politicians. Rather than tackle serious issues, such as how to keep Greece in the euro, they swapped insults and shrugged off a warning that a bank run was imminent. “They’re all irresponsible, none of them is capable of ending this crisis,” says Aristomenes Antonopoulos, a lawyer. “How to vote now?”
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