Greek austerity must continue for healthy future

In fact, the far-left party may not really want to leave the eurozone and the EU because the advantages far outweigh the disadvantages. What the far-left party is doing is trying to woo voters and win support with its message of increased social spending. This is music to the ears of most voters, who are tired of having to tighten their belts.

Of course, it will be hard for Syriza to turn its election promises into realities. If there is a default in Greece, the banks will run and investors will flee. The Greek economy will be in chaos and in return, the global economy will be affected.

In reality, Greece has little choice. Huge political mistakes were made in the past, with the cooking of the government books, support for corruption, lax tax policies and poor fiscal supervision. Instead of increased social spending, what is needed now is massive reform to spur economic growth, which is urgently needed right now.

This is the pain the Greeks must endure, with help from the country's international creditors. In another five years, if economic and fiscal accumulation has finally reached a reasonable level, then social spending can be increased.

If Greece cannot handle the austerity measures properly, I am afraid that the current success will be undermined and it will regress into recession.

The author is China Daily's chief correspondent in Brussels. Contact the writer at fujing@chinadaily.com.cn