The Prodigal Greek

The Greek crisis through a different prism

Greece’s real deficit

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Today’s shadow fighting between the government and the opposition highlighted that Greece’s real deficit is not the one of the budget but that of political leadership.

While the country is facing one of the biggest and most complicated crises in its recent history, the Prime Minister and the opposition leader – apparently room mates during their student years in the States – cannot even agree on the reason they fell out, let alone maturely and responsibly form a national strategy that will put an end to the recession spiral and most importantly reach a consensus on Greece’s negotiating position in the upcoming EU summit in the weekend.

Greece, even in this moment of crisis and with so much at stake, is let down by its political elite. One follows policies that bring the country’s economy down to ruins and the other determined to take charge even of ruins.

At the same time, the country without a strategy and with the society at boiling point is left even further behind from developments.

Yesterday, Reuters reported that certain eurozone countries want a permanent task force in Greece to oversee the operations of the public sector and the sale of Greek state assets in an effort to have a tighter grip on Greece and in complete absence of trust for the capabilities of Greek politicians.

Today, Sarkozy admitted that the negotiations for a permanent solution to the Greek and european debt problem have stalled and he is heading to Frankfurt to carry on talks in fear that the weekend’s summit can turn into a fiasco.

Germany’s finance minister was reported today promoting the idea of putting in place sooner – mid 2012 – the permanent support mechanism, the ESM, that is making provisions for a structured default of a eurozone country.

In Athens, no matter what reports of participation you believe, the demonstration today was unprecedented, sending a strong message that the society has reached its limits, raising questions whether the government still has the consent of the governed.

Amidst all this, the prime minister and the prime minister wannabe prefer to throw their toys from the pram.


Written by Yiannis Mouzakis

October 20, 2011 at 12:08 am

Posted in Politico

Tagged with ,

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