Greek woes: The Mediterranean blues | The Economist

Suomi: Hefaistoksen temppeli Ateenassa, Kreika...

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Piraeus port of Athens
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This is a good article from the Economist. Check it out!

Greek woes: The Mediterranean blues | The Economist.

The article looks at the deteriorating situation from the vantage of ordinary Greek people facing increasing austerity. I read the article over an early Sunday morning breakfast and continue to be saddened and angry at the austerity policies that the troyka have forced on Greece. The troyka is the EU, ECB and the IMF.

It has been obvious to me for months that ratcheting up austerity will, on its own, lead to failure and unnecessary pain for Greek citizens.

The article picks up the following themes:

  • Greece is struggling to get the next tranche of money because it cannot agree a “haircut” with private banks – this is a voluntary “write-down” that avoids triggering a default
  • Unemployment is rising and youth unemployment is now approaching 50% and rising
  • Small private sector businesses are bearing a disproportionate share of job cuts
  • The enormously bloated Public Sector is managing to avoid job cuts so far but instead accept cuts to pay and future pensions
  • Increased homelessness and people living on the streets of Athens
  • Increasing violence on the streets of Athens
  • Graduates and professional leaving Greece for Australia, Canada, Germany, Sweden or the Middle East
  • Falling property prices and rising property taxes are hitting the middle classes very hard
  • Strong support for unelected bureaucrat Prime Minister Papademos
  • Continued serious distrust of mainstream Greek politicians
  • Despite everything, the majority of Greeks still want to stay in the EU and the Euro, knowing that the alternative is many times worse

One response

  1. Pingback: The euro crisis: What to do about Greece | The Economist « Dr Alf's Blog

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