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Victoria Mindova 

The word "troika" in Greece has had a completely new meaning in recent years. It is no longer used only as a countable noun like in the case of "three skewers" or "three in mathematics," but represents a new era in the modern Greek history, which marks the financial collapse of the otherwise rich and "prospering" Balkan country.

After the last global economic crisis, the capital markets became very careful as to whom they lend money and under what conditions. The high foreign debt, dubious statistics, the large budget deficit and the sharp dependence on foreign credit pushed unsuspecting Greece in the eye of the hurricane.

Suddenly, the ordinary Greeks woke up one day to be told that they are poor and their country is on the verge of bankruptcy. No one believed then in early 2010 and some still do not believe it.

One reason which made the Greeks believe that their country was not flat broke was the support that Greece received by the International Monetary Fund, the European Commission and European Central Bank. After a short hesitation, the Europeans announced they would grant 110 billion euros with the help of the IMF to help Greece. It pledged in turn by the Memorandum of Financial Support to reform its local economy and to make it efficient and competitive.

And because the foreigners decided to give their money to a country that is good at spending the allocated funds like Paris Hilton in a mall, the three institutions appointed a supervisory mission.

Poul Thomsen from the International Monetary Fund, Servaas Deroose from the European Commission and Claus Masuch from the European Central Bank were appointed to keep an eye on the course of the reforms in the country and to advise, when necessary, what changes could be made to help Greece get on its feet again.

So, we came to the point. When we want to explain that the supervisory mission including Poul Thomsen, Servaas Deroose and Claus Masuch comes to visit the Greek capital, we say "the Troika arrives in Athens." After almost a year of news about the Troika and its activities, we can not help asking GRReporter’s readers what they think about it and what role it plays in Greece according to them.

Over 50% of the readers of the Bulgarian GRReporter believe that the obligation of the Troika is to put Greece’s finances in order so that the country pays its debts. However, only a quarter of the Greek readers and one-third of the respondents in the English version of the site share this view.

The second most popular answer is that the role of the Troika in Greece is to flare up the passions of Greece while the crisis lasts. This is the opinion of 46% of the respondents in our Greek site and 29% of the English-speaking readers. Obviously, strikes, protests and tear gas touch the western world more than the Balkans.

The pragmatic Bulgarians who have been living for years with what they are producing rather than on credit and who were the first to know the iron grip of the IMF did not find room for passion in fiscal consolidation and structural reforms. Only 15% of them think that Paul Thompson and Company could cause feelings of pathos and they have nothing to do with the recovery of the local economy.

Our readers like also that There is no room for the Troika in Greece and it should go where it has come from which got 24%, 26% and 27% respectively in the Bulgarian, Greek and English GRReporter. The option that the supervisory Troika comes to Greece to announce the bad economic news the Greek government is willing to save got the lowest number of votes. The results from the three websites indicate that less than 10% of the respondents think it is a real possibility.

Well, I will remind all those who believe that this opportunity is not serious that Greece attempted to restructure its social security and pension system about 10 years ago. Just the idea of this caused ​​such a public storm that the government gave up those plans. The reform is already a fact today.

Wages in public administration have been only growing up in the last 20 years and the average wage in public enterprises is four times higher than the average wage in the private sector. Today's policy is to make the wages in both sectors equal and public sector employees to realize that they are mortal, and not the pigs in the Orwellian allegory "All animals are equal but some are more equal than others".

The change in public administration is in the same strain as it officially had been working seven hours a day until now. Its working hours will grow to eight and there are even talks about nine-hour workday. The employed in the private sector work at least 10 hours a day both before and now.

Everything is changing and these changes, whether positive or negative, are related to the new economic conditions under which Greece is trying to find its new face. Local and foreign economists, observers and ordinary people think that many of the reforms taking place today had to be carried out gradually and smoothly in the past 20 years. Many Greeks assess that the fall of the junta in 1974 and the arrival of the supervisory Troika are the two most important events that happened in the last 50 years. No matter what we say, however, the Troika is a fact. Only time will show whether greater importance is attached to it than it really merits.