There is a very interesting book written by Jason Manolopoulos called “Greece’s ‘Odius’ Debt’ which is subtitled interestingly
“The looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.”
A different take on the Troika concept?
We are now reaching the endgame for the tragedy of Greece. For me the question is have the politicians been remarkably stupid or very smart but deceitful? The idea that Greece could avoid default has been peddled by politicians for many months (Greek, European and International) despite the obvious maths that indicate that there is a very, very small chance of this being possible.
In the meantime, draconian austerity measures have been “imposed” on Greek society (wage adjustments etc) because they cannot affect this required international adjustment via the currency. And yet, even these strict measures (if successful) will only deliver Greece to the level of other vulnerable countries by 2020.
So to repeat the question, have the politicians been stupid of very smart and deceitful? I guess the latter. Of course they understand the maths but they have played a false hand for one simple reason, to get enough time to build a firewall sufficiently strong enough to allow for a manageable (??) default by Greece and its possible exit from the euro.
This week, we are seeing signs that the Germans, Fins and Dutch feel the the time is now ready to let Greece go. This is a very dangerous moment for all! Whether they have been smart in the grander scheme of things, well we will see.
Have they been deceitful? Yes, and this comes back to the book. In the end, the real losers are the Greek people who have been looted by the Euro, the political elites and the financial community. A real tragedy but not without precedent.
