Meet our Muppets - Goldman Sachs

Meet our Muppets - Goldman Sachs, a photo by Teacher Dude's BBQ on Flickr.

"But you have no choice?" - Why Greeks refuse to lay down and play dead

"We won't pay, we won't sell, we owe nothing. We will win" Los Indignados, Thessaloniki, Greece, a photo by Teacher Dude's BBQ on Flickr.

“But surely the Greeks have no choice but to accept the new austerity measures?” That was the question posed to me recently by a young BBC reporter and in its way sums up the chasm between the way the international (and much of the local) media sees the present financial crisis and how it's perceived by ordinary Greeks.

On the one hand the decision is simple, either implement the reforms demanded by your creditors or go bankrupt. The problem is many Greeks are already bankrupt, they're in the middle of the worse economic downturn in modern Greek history and after 18 months of austerity have run out hope, patience and most importantly, money.

In effect a large swathe of the population is already insolvent, especially those who were struggling to make ends meet even before the current crisis hit. For them whether the Eurozone folds or Greece defaults is a matter of complete indifference, facing as they do the prospect of losing their job, having their power cut off and seeing their children's future disappear. What the hell do they care about the state of international money markets?

For others the pressure of constant worrying about their financial situation has already proved too much. A tragic case that come to mind is an acquaintance of mine whom I bumped into a week ago, seeing her frantic and distraught I initially thought that she'd had too much sun, caught out by the sudden appearance of good weather. Later as she lay down in the shade, drinking water given by passers by I realised that she was in fact suffering from something else. Muttering constantly about how she was a suitable employee, she suddenly sat up and whipped a wad of papers which turned out to be her CVs which she then thrust into the hands of anyone near enough to take them, talking all the while about how she was a good employee and she deserved the job.

It became obvious that she was in the grip of a manic episode and that her psychological state was delicate but thankfully one of her neighbours turned up and escorted her home while she keep up an endless stream of talk about the skills she had, the qualifications she possessed.

I'm not sure what her psychological background is and whether this was a new occurence but deep in my heart I'm convinced that the current crisis has literally sent her mad. I hate to use such crude terminology but the reality of the situation is so awful coy euphemisms are just plain insulting to everyone concerned. The incident which unsettled me deeply brought home the fact that we could all be in such a position if Fortune, which seems all knees and sharp elbows at the moment pushed just a little too hard in the wrong direction.

Given the fact that nothing in the current austerity package offers anything like a way out of the current economic slump, except in some semi-mythical long term scenario, don't blame the Greeks for not putting another millstone around their neck willingly. The have lived the effects of austerity for 18 months and all it has brought it decline, depression and despair.

The vote in parliament over the new austerity legislation next week is almost an irrelevance as even if does pass the real battle won't be in the debating chamber but on the streets outside as outraged Greeks show their anger and disgust with a morally bankrupt political leadership that capitulated without a real fight.

Greek authorities take no chances on the eve of Polytechniou Day

Riot police break up protest march in Thessaloniki, Greece, originally uploaded by Teacher Dude's BBQ.

It seems that the Greek nation has finally accepted the inevitable and got on board with the austerity package demanded by the country's creditors. It must be true since the prime minister, Giorgos Papandreou said so during his speech after the results of Sundays local elections. So did IMF head Dominique Strauss Kahn in an interview on French radio when he said that the victory of the ruling PASOk party showed that Greek had understood the need for change.

What both leaders choose to ignore was the enormous drop in turnout by Greek voters, in some cases 50% less than in previous elections in 2006 and the growing dislocation between the country's ruled and rulers. While both major parties made some gains the overall trend is one of ever intensifying disenchantment with the current political system. Less an endorsment of the country's politicians than an understanding that the country no longer controls its destiny, no matter which party is nominally in charge.

Tomorrow marks the 37th anniversary of the Polytechnic uprising which set in motion a chain of events that led to the overthrow of the military dictatorship that had siezed power in 1967. Every year students and others march in Greece's major cities in commemoration of those who died to restore freedom and democracy. The day is often used as a platform by political groups to demonstrate against unpopular government policies. This year's anniversary is likely to repeat this tradition and the presence of 7000 additional police officers in the centre of the capital is testiment to how worried the government is about the marches turning into something more violent.

Already there have been clashes in Athens between youths and the police around the university of Athens campus the scene of many of the violent confrontations during the 2008 uprising which caused billions of euros worth of damage.

Polytechniou day as it is known in Greece will prove to be an acid test over whether young Greeks in particular have accepted the massive cuts in public spending and job losses proposed by the European Union, European Central Bank and IMF.

Given the anger and frustration felt by much of the population over the continued economic crisis there is a very real possibility that a miscalculation by the authorities could have drastic consequences.

For more on last year's 17th November events click here.

2009 European parliamentary elections in Greece

In a few minutes the polls will close for the European parliamentary elections in Greece. In Thessaloniki the weather has been excellent with temperatures in the low 30s with just a few wisps of clouds to disturb the azure blue sky, a tour operator's dream package and a nightmare for Greek politicians. Unlike say, Britain where good weather ensures a higher turnout at the polls, a perfect summer's day has sent voters in Greece's second city rushing to the seaside to enjoy the country's famed beaches.


Unlike 2007, my local polling station has been as quiet with just a trickle of people coming in and out to cast their votes. In the last national elections the school was abuzz with commotion and movement as people desperately looked for places to park their car or chat with friends and neighbours. As is the case in Greece, civic duty then had the air of a carnival with people enjoying the festive atmosphere. Today the picture is completely different as local residents have taken advantage of the three day holiday and left the city leaving the roads empty for those wishing to vote in the EU elections.




Despite the fact the turnout is likely to be much higher than in many other EU countries many political leaders are anxiously awaiting mot just the results for their particular party but also the percentage of absentee votes.


After a year and a half of almost non - stop accusations of corruption and mismanagement the ruling New Democracy party is expecting a drop in their figures. However, considering how many times the party's name has been implicated in graft and influence peddling scandals things could be worst.


New Democracy's standing in the polls has been helped considerably by the fact that rival left - wing PASOK party has also been facing corruption charges concerning its last stint in power when it allegedly accepted bribes from German electronics giant Siemens over contracts for the 2004 Olympics in Athens.


Smaller parties such as the Greek Communist Party (KKE) and SYRIZA have been trying hard to capitalise on the larger parties failings but with limited success, unable to match the vast media budgets that New Democracy and PASOK have at their disposal. In addition the incestuous relationship between Greek media corporations and political life means that those not allied with the two main parties struggle, often in vain to get their message across.

However, voters are expected to show with their absence that it is not business, a fact likely to influence the timing of the next general elections.

For more information check out the Wiki page on the 2009 European elections in Greece.