Web Letters | The Nation

Greece in Debt, Eurozone in Crisis

Get right with God!

Maria Margaronis is quite right. Public corruption is partly responsible for Greece’s illness. But the political class, awash in borrowed money from the EU earmarked for the reconstruction of the national infrastructure, really should be publicly hanged. And the Eurocrats who originally loaned the money also are responsible because they were fully aware of how things things are done among the Greek political class but, because of selfish political calculations, went ahead anyhow.

Almost since the beginning of time, Greece has been poor. The time of prosperity only began after the civil war under Prime Minister Field Marshall Papagos and continued in the late seventies and eighties under the Nea Dimocratia and PASOK governments. Material prosperity brought the welfare state, and how!

The governments, both of the left and the right, vied with one another to provide the citizenry with more and more welfare programs until there was nothing left in the public till. Then the foreign borrowing began—which is where we are now, folks.

Together with this, public ethics and morals declined an inevitable phenomenon, it seems, anywhere and anytime in history. This may seem moralistic and irrelevant to an agnostic and nihilistic reading American public (with headaches of its own with a national debt of $14.3 trillion and a collapsing capitalist system), but the solution to the economic ills of the Hellenic Republic lies in its rediscovery of Holy Orthodoxy, and that will be a long and difficult road.

Dr. Michael Zurowski

Montreal, Quebec

Jul 19 2011 - 11:12am

Greece in Debt, Eurozone in Crisis

“Making it easier for businesses to invest and thrive”?

Short of writing a book, this is a comprehensive article on the economic crisis in Greece, the Euro Zone and the globalized economy. Since we have a globalized economy, failure in one relatively small economy can mean a global failure. However,”clamping down on corruption and tax evasion, shrinking the public sector, opening up restricted professions,making it easier for businesses to invest and thrive”, is the objective of “the troika the European Commission, the European Central Bank (ECB), and the International Monetary Fund.” As to corruption and tax evasion, these vices are practiced in developed economies. Many corporate leaders in the United States have preceded the former head of the IMF in a “perp walks” to jail. Since the purpose of neoliberalism is to propagate laissez-faire capitalism, we can expect to see “perp walks” in many countries. Of course, when “corporate governance” fully replaces governance by and for the people, “perp walks” will be a thing of the past.

Have you noticed that banks, sitting on a piles of cash, get low interest loans from the government to increase liquidity, which they in turn invest in emerging markets, or charge high interest rates on loans to countries, that do not support laissez-faire capitalism? Forcing austerity budgets and high interests on failing economies, that can never repay them, has nothing to do with repairing them. It is about destroying any government that might offer some degree of protection to ordinary people and small businesses. It is about creating privatized corporate government so that multinational corporations, along with investment banks, can “invest and thrive”. It is about creating a two-class system consisting of the working poor ruled by the wealthy one percent.

Since the wages and jobs being destroyed support 60 percent to 70 percent of consumer-driven developed economies, we are looking at a worldwide economic collapse. Wall Street is somewhat aware of the importance of jobs in supporting the economy. They get really concerned over a poor jobs report. The money markets are going to lose a lot of money!

Pervis James Casey

Riverside, CA

Jun 28 2011 - 3:36pm