Galbraith, K. J. (2015) “The Real Thing: An Anti-austerity European Government“, Social Europe Journal, 07 April.
I have just come from Athens where I have, for the last several days, had the high privilege of working with the government of Greece, and especially with the Finance Minister, my very good friend, Yanis Varoufakis. I’ve actually had two occasions, so far, to observe the drama that’s unfolding in Europe from a close vantage point.
The first one was during the week of the negotiations that led to the landmark agreement on 20 February. And then, in these last few weeks in Athens, which had their own drama as they led up to a series of payments, including a very substantial one that was due to the International Monetary Fund. All of which were, let’s say, events followed with distinct interest around the world and especially in financial circles.
What is at stake in Greece goes very far beyond merely financial questions. It goes beyond the question of the fate of a small and historically very badly governed country with weak institutions that has suffered abominably in the wake of the crisis over the last five years, losing 25% or so of its output. And having unemployment rates that are comparable to those in the United States during the worst period of the Great Depression, unemployment rates that exceed well over 50% for the youthful population, and facing severe stresses in every aspect of (its) public and social (activitie)s.
It goes, as I say, even beyond that very grave situation, which is visible on every street and on every wall in Athens. It goes beyond that to the future of Europe and beyond that, to the meaning of the word democracy in our time.
Relevant posts:
- Chari, Α. & Blair Henry, Ρ. (2015) “Austerity and recovery: East Asian lessons for Europe“, VoxEU Organisation, 06 March.
- Weisbrot, M. (2015) “Greece’s stance against crippling austerity is a fight to save all Europe“, Tribune News Service, 26 February.
- Jerry, J. (2015) “‘Foreign’ Money and ‘Austerity’ Haven’t Caused Greek Stagnation“, Real Clear Markets News Site, 26 February.