Greece: a historic nation in crisis

Greece: a historic nation in crisis

John N. Kallianiotis (*)


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When we talk about Greece, it comes to our mind a great nation with its unique culture (“paideia”), its seven thousands years of contribution to the world, its historic march, its persistence and spreading of Christianity during the Byzantine period, and its select role for the future of the entire humanity. This superior civilization is based on Ancient Greek moral philosophy and the revelation. Greece gave the civilization to the West, but these envious crusaders have invaded the country military, many times, and lately, politically, economically, and socially. The last two days, the Greek Prime Minister, Antonis Samaras, was in Berlin begging Angela Merkel for the next loan instalment.

In 1974, with the Turkish invasion on the Greek island Cyprus, some Greek politicians, who were living abroad were imposed as the government to the country. They were against the Greek culture, religion, tradition, language, history, and value system. One of these anti-Greek politicians, Andreas Papandreou, who was preaching, “out of NATO” and “out of European Union”, signed in 1981 the accession of Greece to the EU.

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In 2001, another peculiar and strange for the Greek civilization politician, Kostas Simites, put Greece to the Economic and Monetary Union (Euro-zone), without a referendum and without the country fulfilling any of the Maastricht criteria. This overvalued euro was the fatal blow for the economy of this rich economically, socially, and spiritually independent nation.

All these governments, the last 39 years, were very corrupted and indebted the country to foreign usurers, they appropriated its national land and wealth, they encouraged a disproportional to the population illegal migration to dilute its identity, they are privatizing (selling off) the public enterprises (SOEs), they were putting their relatives and friends to governmental jobs and created a huge inefficient public sector, and lift tax evasion and tax avoidance to a science.

In 2007, came the global financial crisis initiated in the U.S. and affected mostly the artificial and vulnerable Euro-zone and of course, Greece because of its forced integration to this anti-democratic and without any cohesion and homogeneity union. 

Agência Efe

After six years of imposed recessionthe average of unemployment is 30% and 60% youth unemployment

In 2010, Greece’s government bonds were not accepted by the market and their interest rate had reached 34%. The country (George Papandreou’s government) received a conditional on imposed austerities loan of €110 billion ($161 billion) from the Troika (Eurogroup, ECB, and IMF) in installments to be able to pay the previous loans and the enormous interest cost. 

In March 2012, a new bailout loan of €173 billion ($220 billion) and this conditional on destructive memoranda, which impose very high taxes, cuts of salaries and pensions, lay-offs of public employees, privatization of SOEs, even they are forcing the sale of military industries, foreclosures of homes, homelessness, suicides, and destruction of an entire nation (loss of its sovereignty).  

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The remedy for the safety, security, and existence of the nation is one. The stop of payment of any debt because the first priority is the welfare of the citizens, the country must declare bankruptcy and send Troika to its institutions because their austerity recipe is anti-growth and inhumane. 

The nation must exit the Euro-zone and go back to its historical drachma, must leave the EU, and to use its own resources that are many (natural, human, and others) to improve the economy and generate a growth after six years of imposed recession with 30% average unemployment and 60% youth unemployment. Of course, Greeks have to send the politicians of the current coalition government, who have caused the crisis, to their homes or for vacations abroad and to elect some Greek-Orthodox patriots to run the nation.      

(*) John N. Kallianiotis is a professor Finance at the Arthur J. Kania School of Management at the University of Scranton.

* The content of this article does not reflect the official opinion of Opera Mundi. Responsibility for the information and views expressed in the article lies entirely with the author