THE time to take it easy is when it's all over. Now it's time for the 38 banks grouped under the Frankfurt Agreement to do their very utmost to gather up all the money they can lay their hands on so they can start making debt repayments in installments to their foreign creditors. The three-year grace period—that freed them from having to pay off any of the principal debts—is now over.

Starting from the end of August this year, and fo