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Monday, 7 May 2012

Greece votes for the Colonels.

Who bankrupted Greece? There are really only four candidates.

1.The Bond Markets / The Banks. They lent Greece excessive amounts of money, knowing that it was not going to be spent constructively and that therefore there was a risk of default.

2. The Pasok (Socialist) government who thought it was a clever wheeze to borrow money to provide benefits to voters, tax free.

3. The Voters who did not trouble to ask where the money was coming from for all these benefits being showered on them and who carried on paying no taxes and (if they were public servants) not going to work.

4. The EU / IMF / European Banks who imposed Austerity on Greece as the price of Bailouts to enable it to repay (part) of its Debts, reinforcing an economic downturn which makes it less likely that Greece can repay even part of its Debts.

I actually don't know which story to buy into. Nor do Greek voters who have split their votes from far Left to far Right. In those circumstances, it will be tempting for someone to impose a Story and with a heavy hand. The Colonels did it in 1967 (with support from the Church, if I recall correctly: for the church it was all about banning miniskirts).

At the moment, we don't know who will do it this time. My guess is that Greece will default (even more than it has already defaulted) before we discover the answer.

1 comment:

  1. Economics aside, the country that gave us the Olympic Games has much to answer for.