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Saturday, October 28th 2017

9:09 PM

The Economic Crisis in Greece

By Con George-Kotzabasis

Simply put, the crisis is a result of past government over-spending on borrowed funds paid with exorbitant interest rates. A situation that could not be prolonged and would inevitably implode and cascade the country into bankruptcy. Greece therefore had to ask help from the European Union and the International Monetary Fund to save itself from absolute poverty. Thus came into existence the Memoranda, formulated by the EU and the IMF, prescribing how the country could get out of its dire straits.

It is a great fallacy to believe that the Memoranda are the cause of the continuation of the crisis. Certainly mistakes were made by the IMF and the EU, but they were not of such proportions as to sink the country deeper into the morass of the crisis. The main cause of its durability, was the refusal of both the governments of George Papandreou and of Tsipras, with the exception of the Samaras Government, to implement quickly and decisively the reforms and economic restructuring that would put the country on the track of economic recovery.

The Greek electorate doltishly committed a gross error in electing SYRIZA, and choosing the quack economic policies of Yanis Varoufakis and the chicanery of his negotiations with the Europeans, that cost the country 100 billion Euros. The people in searching for a scapegoat for Greece’s ills, i.e., the architects of the Memoranda, brought onto the government benches a nightmare of incompetence and bungling to manage the affairs of State. As the Tsipras Government is a synthesis of imbecility, mediocrity, and charlatanism enshrouded in Marxist dogma. It is totally unfit to pull the country out of the crisis. On the contrary, by staying in power it will further exacerbate the dire economic situation of Greece. Only a Mitsotakis Government could succeed in ending the crisis, as the Samaras Government began to do so at the end of 2014.

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