For years the Greeks elected to Parliament unscrupulous politicians who through unprecedented borrowing and overspending led the country to bankruptcy. These Greek politicians may have fooled the EU with their false accounting but Greek citizens cannot plead ignorance as to what their representatives were up to.

If the expected growth does not materialise, and revenue does not increase but expenditure proceeds anyway, then this will be nothing less than deficit budgeting- Arthur Muscat

The Greeks are now going through hard times. However, they have no one but themselves to blame for the misappropriation and spending of what was not theirs to spend. It is unreasonable of the Greeks to nurture anti-German feelings and to lay the blame for their misery at the doorstep of Angela Merkel. Germany owes nothing to Greece, it is Greece that is in default. Greece is bankrupt and will never pay back what it owes and what it is still being allowed to borrow. The Greeks must accept that their standard of living, their social services, their public sector, must get back in line with what they can truly afford.

The most sensible economic help that the EU can extend to Greece is to write off the bulk of this nation’s accumulated debt, then allow it to give up the euro and so re-establish a floating drachma, a currency which will reflect the country’s real economic standing.

There is a lot for Malta to learn from the predicament of Greece. We Maltese should become alert to politicians who will not talk straight and give promises and have good news and beneficial proposals for each segment of society. Never mind that particular benefits are unaffordable, the approach is to fragmentally entertain and promise to deliver on everything to everybody. This is a formula for trouble. Is Malta heading towards problems?

It has to be declared that overall this Government has prevalently practised competent economic governance. It is no coincidence that Malta has avoided the worst effects of the global recession. However, a word of caution is now due.

The country’s national debt stands at €4.7 billion, approximately 68 per cent of GDP, quite an impressive level of debt, and a debt that is extremely expensive to service and difficult to bring down. Bringing the level down will not be achieved with persistent deficits caused by too optimistic budgets, and unaffordable spending.

We now know that by November the deficit for the year 2012 reached €342 million. This happened as higher government expenditure continued to outpace revenue derived from taxes.

Deficit budgeting in itself is not a malpractice, so long as the country is directing sufficient funds towards prevalently productive investments. Energy, transport, communications, health and education need constant investment funds.

So it is important to avoid spending money on unproductive initiatives. It is not sensible to direct funds to expensive wage increases for a costly overstaffed and underemployed public sector with no reform intervention. It is unwise to allocate €90 million to a not-so-needed Parliament building. It could be wise to align salary increases to MPs with a reduction, from 65 to 45, in the number of seats in Parliament.

Greece is curtailing public expenditure. The number of members of Parliament should be going down and it has been confirmed that the Greek public sector will have to dismiss up to 40,000 surplus employees.

The Government has duly proposed a budget. It includes expenditure to be undertaken through higher revenue, expected to materialise from optimistic projected economic growth. This is risky. If the expected growth does not materialise, and revenue does not increase, but expenditure proceeds anyway, then this will be nothing less than deficit budgeting. Such economic management will lead towards further increases in the national debt.

Caution is here required, although I can hardly hear one hint of restraint. We are always being promised more and better. No wonder trade unions are always clamouring for continuous improvements. Restraint does not feature in their vocabulary. The European Union and employers’ associations seem to be the only entities calling for a solid commitment to a deficit within three per cent of GDP and possibly a reduction in the national debt.

So it is caution that is due whether this Government gets a fresh mandate or another party takes over. Then there are so many other matters that need attention, matters that are cost neutral and will not prejudice a balanced budget.

In 2013 we need to see competence, ethics and morals of a higher level, in the behaviour of politicians and in the behaviour of officials, at all levels, and in all branches of the public sector.

We need to see a judiciary that enjoys the trust and respect of citizens as it delivers an efficient justice service of high quality and integrity. Public confidence in the law courts must be as high as the onerous responsibility that judges have to assume.

We do want to see the hard-earned money of taxpayers treated with more respect and regard. Precious public money must not be used wastefully.

We do not want to see taxpayers’ money going to compensate victims of maladministration by public sector officials, which officials seem to be immune from any form of sanction or reprimand.

We do want to see political parties indulging in more serious screening to ensure that only suitable persons of integrity are proposed for elective office or onerous posts. The riff-raff we have lately witnessed occupying important and prestigious positions is highly demoralising.

These simple no-cost wishes can go on and on. As it declares a break with its past the Opposition may start on these issues with a declared clean slate. On the other hand, with its relatively competent record and renewed willingness, there is no reason to believe that the party in government will be unable to deliver an improved governance to Malta.