Saturday August 23, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
A naive and dangerous ploy

By Costas Iordanidis

The buyback of Greek bonds at one-third of their nominal value was successful despite the obstacles that cropped up along the way. Greek banks were initially skeptical of the scheme, but given their small number – just five – and their close ties to the political system, their cooperation – though coerced – was taken for granted. They were also influenced by Finance Minister Yannis Stournaras’s appeal to their patriotism.

However, succeeding in solving a problem by swaying a small group of people is one thing, while dealing with the rejectionist tendency of an entire society is quite another, and an issue that can only be dealt with politically. Unfortunately, though, the coalition government has proved incapable of reaching out to the people and ensuring their support. And the real problems will emerge when this rejectionist bent vis-a-vis the policies of the pro-European parties starts growing into a general rejection of the reasons for Greece remaining in the eurozone. We are already beginning to see signs that more and more people are starting to think along such lines.

Paradoxically, the increasing popularity of this dangerous trend can be attributed almost directly to the three leaders of the coalition, because it was they who brought up the euro-or-drachma dilemma during both pre-election campaigns earlier this year, casting themselves as fervent champions of the common currency. It was a naive and dangerous ploy.

Crucial questions such as whether or not to remain in the eurozone should not be put during an election. The average citizen cannot possibly understand what leaving the eurozone would mean in macroeconomic terms. Most people feel that remaining in the euro will mean a return to prosperity and stability. However, as they see their salaries and pensions continue to plummet while the unemployment rate skyrockets and the middle class continues its slow demise, their support for the euro will also diminish.

In order to overcome this skepticism, the government began making empty promises, such as that this round of austerity will be the last. Prime Minister Antonis Samaras vowed during the vote for the new loan deal that there would be no more cuts to salaries after the last ones. His credibility will be tested in the next few months.

Instilling a sense that the reforms are just, meanwhile, might rally more people behind the measures which are meant to revamp the Greek economy, but in this regard the new tax bill that is being discussed is another monumental failure.

ekathimerini.com , Wednesday December 12, 2012 (22:55)  
Purification rituals
Building a solid state apparatus
On steroids
Time to kick a stupid habit
Baltakos rejects reports of plans to form own party
Ex-cabinet secretary and prime-ministerial adviser Panayiotis Baltakos says he is not poised to form his own party but believes New Democracy should be doing more to attract right-wing voter...
Athens finalizes Paris talks goals
The Greek government has begun finalizing its negotiating strategy for the imminent talks with troika officials in Paris, setting four clear priorities for the September meeting. Kathimerini...
Inside News
ANALYSIS
Perceptions and praying for our peers
The performance of the eurozone’s other economies over the next few quarters will be much more important to Greece’s than the seemingly meager impact from the geopolitical crisis in Ukraine,...
New banking measures aimed at tackling nonperforming loans
The Bank of Greece is expected to deliver its latest code of ethics for the sector within the current week, possibly even today, as commercial banks scramble to deal with a mass of nonperfor...
Inside Business
Soccer refereeing investigation goes into final stage
A judicial probe into alleged corruption in Greek soccer is entering its final phase, with 11 top officials due to give depositions to Court of First Instance deputy prosecutor Aristidis Kor...
West Brom sign Greek international striker Samaras
West Bromwich Albion have signed Greece striker Georgios Samaras on a two-year contract following his release from Scottish champions Celtic, the English Premier League club said on Friday. ...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Perceptions and praying for our peers
2. New banking measures aimed at tackling nonperforming loans
3. Smaller firms wiped out by the crisis
4. Bank shares on wild ride amid test fears
5. Baltakos rejects reports of plans to form own party
6. Soccer refereeing investigation goes into final stage
more news
Today
This Week
1. Purification rituals
2. Greek police in easiest drug arrest ever
3. Athens police seek hit-and-run driver after pedestrian dies
4. Kavala man left 6 dogs at home without food or water for 2 weeks
5. Public officials expect Thessaloniki metro project to finish in 2018
6. Athens finalizes Paris talks goals
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. The magical mountain
3. Merkel cites euro’s ‘construction flaws’ as economy sputters
4. Brussels warns Greece over plans to allow construction near Korinos beach
5. Greek stock recovery fading away as ASE falls 21 pct on valuations
6. Second man held over double murder in Mani
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.