The harsh reality is that Greece does not produce the wealth necessary to support the life style that its northern EU neighbors enjoy. Greece has been subsidized by loans and outright subsidies. If they abandon “austerity” and default on their recently renegotiated loans, they will suffer immensely. No rational investor will buy their bonds or lend them hard currency. They will not be able to import the materials and services that are necessary for modern living. What is left of their brightest and best will emigrate before their final links to the EU are severed. Soon they will be selling their heritage art and even whole islands complete with sovereignty to wealthy buyers who need an independent place of their own. Greece will revert to backwardness and endemic poverty. Socialism fails everywhere.
That’s an interesting analysis, but the pathway? The EU treaties do not provide a means to expel a member state. So the EU (Germany in terms of money) is stuck to a degree with the Greeks.
And I am not ready to take the BBC’s characterizations of “far left” and “far right” without more data. The BBC itself admitted to its own political bias — and I doubt they corrected it substantially. It permeates their reporting.
That’s some crystal ball you’ve got...was it made in Germany?
Nice succinct analysis.
Cuba has crippled along for years, on an economy that was based mostly on begging from other wealthier nations that felt pity, or had a guilt trip put upon them. Perhaps Greece can trade on the same kind of “poor little me” because they have such scarce resources.
After all, the world OWES the Greek nation a living. < /sarc >