Greece is experiencing a triple crisis which has a profound impact on the economy, society and political system. The economy has experienced a deep, prolonged depression lasting six years and continuing. Workers and employees have suffered a 40% loss in income and a commensurate decline in medical, pension, educational and welfare benefits. The political system has witnessed a precipitous decline in electoral support for previously dominant right and center left parties and the rapid rise of radical democratic-socialist and fascist parties.
|By: GREYDOG Thursday June 13, 2013 7:45 am|
“No Signal.” That was the last message to be broadcast on June 11 at 11:00 PM (local time) by the Greek public broadcasting network ERT. Broadcasting has ended. The radical – and unprecedented – measure was taken without forewarning just as the leaders of Greece’s “Troika” creditors (EU-ECB-IMF) are in Athens.
|By: David Dayen Tuesday October 2, 2012 1:37 pm|
The Greek government submitted a draft budget for next year that would only further increase the pain and suffering directed at the population, despite depression conditions. But the European leaders determining whether the fresh austerity plan is good enough to meet their conditions want even more pain, in the form of deeper wage cuts.
|By: David Dayen Friday July 6, 2012 4:00 pm|
The way the Greek election worked is that Syriza, the far-left party, said they would completely renegotiate the bailout terms that forced austerity on the country. New Democracy, the center-right legacy party that was part of the grand coalition that negotiated the bailout in the first place, countered that they too would seek a renegotiation, muddying the contrast between the two parties. New Democracy claimed that their terms would be responsible, while Syriza’s intransigence would get Greece tossed out of the euro. A spooked public then narrowly chose New Democracy, based at least in part on these points.
Just a few weeks after the election, it turns out it was all a game.
|By: David Dayen Monday February 6, 2012 9:30 am|
Greek bailout talks have deadlocked again, but at the moment the culprit is not the hedge funds seeking a higher payout on the distressed debt they bought, but the “troika” of the EU, ECB and the IMF. They gave Greece a Monday deadline to accept bailout terms. And those terms, frankly, are totally insane.
|By: David Dayen Monday November 7, 2011 9:15 am|
With Greece knuckling under to the European financial “troika,” the pressure is now on Italy to impose austerity on itself, just as Greece did. Italy’s borrowing costs are now much higher than Germany’s and may be unsustainable. There are calls for Italy’s Berlusconi to resign, and a confidence vote focused on the austerity package may occur soon.