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5 Reasons Greece and the Rest of the Eurozone Are On the Road to Hell

World  (tags: Bank, Economics, debit, conflict, corruption, europe, government, Greece, politics )

- 2497 days ago -
Sunday's elections in Greece brought victory to the center-right New Democracy, which has favored a bank-friendly bailout of the economy, over the leftist Syriza party.


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Sue Matheson (79)
Wednesday June 20, 2012, 5:52 pm

Kit B (276)
Wednesday June 20, 2012, 6:00 pm
Photo Credit: shutterstock

Sunday's elections in Greece brought victory to the center-right New Democracy, which has favored a bank-friendly bailout of the economy, over the leftist Syriza party. The middle class, it seems, got scared of losing everything and looked to the conservatives for protection. So what will the New Democracy party do with the harsh austerity package Greece has been handed? Will it even be able to form a government? Will Greece get any real relief? And what does it all mean to you and me?

For the short term, it appears we won't have a "Grexit" (a Greek exit from the euro), which has led many commentators to suggest (laughably) that a crisis has been averted. A typical Bloomberg article takes that line: “Greece avoids chaos; Big Hurdles Loom.” But how, exactly, is the acceptance of an ill-advised austerity program (even if cosmetic adjustments are made) going to help, say, hospitals get access to essential medical supplies? If the Greek government is made to enforce a program that is killing its private sector by cutting spending and not paying legitimate bills, and the unemployment rate creeps toward 25 percent in general and 50 percent for youth, you can be sure that the social fabric in Greece will continue to fray.

To paraphrase Pete Townsend, meet the new chaos, same as the old chaos. Greece and the entire eurozone are continuing down a road to hell where financiers are the highway robbers and ordinary people are attacked at every step. Here's why.

AlterNet / By Marshall Auerback

Really good article - take a moment to read.

Bob P (394)
Thursday June 21, 2012, 9:43 am

Sheryl G (359)
Thursday June 21, 2012, 7:48 pm
As bad and as crazy as it is here, I wouldn't want to be in Greece. I hope for the sake of them all they can get themselves straightened out. It's the least who can afford it that suffer the most and I know their Elders and the children are being hit hard over there.

. (0)
Friday June 22, 2012, 4:24 am
The economic problems in the Eurozone are summed up very well in an article on the BBC News website (see below for a link) which basically states that Greece was living beyond its means even before it joined the Euro. After it adopted the single currency, public spending soared. Public sector wages, for example, rose 50% between 1999 and 2007 - far faster than in other eurozone countries.
I have visited Greece, Spain, Portugal and the Republic of Ireland (some of the countries facing the biggest problems) many times, both before and after the they joined the Euro. Without exception once they joined there was a huge expansion in public building programmes (roads etc) and a large increase in private sector building, housing; in both Spain and Ireland many of these domestic properties remain unsold and in Spain some of the new roads are barely used. All in all the Eurozone was as experiment doomed to fail, it is not possible to have economic union (which the Euro created) without political union (as exists in the USA). The BBC News website has a really interesting article on the whole situation, see:


Kit B (276)
Friday June 22, 2012, 7:35 am

Is any one paying attention to that right wing group that was voted into power in Greece? The minority party, the New Dawn or Golden Dawn, are fascist, Nazis who tolerate no immigration. When countries are faced with the harsh realities of financial strife, as Germany did after a healthy period in the 1920's, then a full collapse. The first thing a fascist groups does is point the finger of responsibility at the smallest group of people, or the newest group. Instead of charging full ahead at reforms that will strength the Greek economy these fascist, turn the blame on those with the smallest voice. Should that ring familiar, it could be because that is also happening in the US.

paul m (93)
Friday June 22, 2012, 7:43 am

I could have told you last week Greece would stay in the "Euro" because it would have upset Europe (Germany,
France) now in Ireland we got a Bail-out of some 80 Billion,mostly for the banks, ordinary people have to pay for the Governments and investers and the Banks loaned them too much money. I'll put it into plain English, my house
in the "good times"was worth twice as much as what it is now,

Arielle S (313)
Friday June 22, 2012, 8:12 am
Exactly right, Kit - I have a friend in Greece who has been the true source of information for me since the media obviously does not tell it like it really is. Nazi Germany rises once again, starting with the easy countries... and then?

Anna M (12)
Friday June 22, 2012, 8:26 am
It is true that the European Union is a joke, the word union does not reflect the reality!!!! They knew this was gonna happen with Greece, as they knew that the numbers of our economic situation that got us in the Eurozone at the time were false (because they 'cooked' them together???), and as a constant caramel in their mouths they used the word progress and prosperity that the euro would bring, to blind us all!!! so now they got our natural resources in hand and the greek people tight up for 50 more years... and that whole joke about Greece getting out of the Euro was also a lie, but in the end it terrorised most of the Greek people and they voted for the conservatives... only God can help us, noone else!

Kit B (276)
Friday June 22, 2012, 8:46 am

All of us, whether in the US, Canada or the Euro Zone we need to look for new paradigms for action, new ways of thinking. If we keep thinking as we have and are then we can expect the same results over and over.

Craig Pittman (52)
Friday June 22, 2012, 11:58 am
Austerity is of course not a shared cutback. It most certainly won't be applied to or felt by the banks, corporations or the elite. The entire system of governance needs to be turned on its head.
So right Kit. It's Groundhog Day till we rethink the way things are done.

Rosie Lopez (73)
Friday June 22, 2012, 2:10 pm
thnx for sharing

Mary Donnelly (47)
Friday June 22, 2012, 8:45 pm
Thanks Kit--good post and coments.

I don't understand why the members of the Eurozone just don't forgive each other all debts, and start again, with or without the "Euro".

(This time if they want a "Euro", they had better have the unified fiscal and political policies required before they begin, rather than hoping that they will magically materialise later.)

Rolling over unrepayable debts at high interest rates makes the original debt grow until it is so big all concerned go bankrupt.

What is happening in Europe is that the creditors of the economies and institutions in difficulties wish to be paid before the bankruptcies occur.

Past Member (0)
Sunday June 24, 2012, 4:49 am
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