Wait and flee

“WHAT we must avoid,” confided a government minister in the spring of 2011, “is the perception among our European partners that ‘here come the fucking Greeks again'.” Job not done. The election on June 17th, a follow-up to an inconclusive vote on May 6th, will be scrutinised around Europe. A victory for Syriza, a left-wing party that did well in the first round by threatening to rip up Greece's bail-out agreement, would fuel fears of a Greek exit from the euro. Even if New Democracy, which has broadly signed up to the terms of the rescue, pips Syriza and leads a new government, those Greeks will be back again to negotiate.

In the meantime, uncertainty over the election result has frozen the economy. Many people have simply stopped paying their bills, hoarding cash as they wait to see what unfolds. “I have plenty of customers with enough deposits to meet their bills who choose not to pay,” says one banker, before admitting that he is holding off on his kids' private-school fees just in case.