Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Youth without a future

By Nikos Xydakis

I was recently having a discussion with a group of executives who work at the European Investment Bank (EIB), one of the worlds biggest public lending institutions bigger even than the World Bank. One of the people I was talking with was working on development programs designed to help countries in Africa and the Pacific.

None of the EIB officials I spoke to had a clear idea of the mess that Greece is in. I told them that the country is in deflation, at -2 percent for 15 months in a row; that the economy has seen a reduction of 20 percent in foreign investment; and that there are essentially four systemic banks whose collective rate of bad loans is as high as 40 percent.

Their response was to say that instead of spending time in Africa, we should come and work here. Things are actually worse over here.

It was during the same conversation that I got their opinion on how they see Southern Europe in the future. And the truth is that it did not look good. Young people from the area applying for a post at the EIB, they told me as one example, often have very little in the form of work experience, not even an internship of a few months. Employers almost by default turn to candidates from Europes northern countries who are more likely to have a six-month internship or some other form of work experience on their record. Their unanimous conclusion was that in a couple of years, the EIB staff will no longer be able to train bankers from the European south.

Discrepancy and inequality can take many different forms. Depriving young people of their future is perhaps one of the ugliest. This is not just about sacrificing an entire generation; rather, it is about undoing the necessary conditions for the reproduction of a society, of a nation. And the problem is more intense in the European south.

You do not have to be a parent to be concerned. Every Greek has to ask him or herself who is going to work in the short-to-medium term in order to produce wealth and a competitive advantage, so as to keep the economy and society in working condition.

For the time being, Greeces exports and industrial production have been steadily declining. At the same time, domestic demand is having to be met through an increase in imports. It is a self-perpetuating cycle of decline, and not just because the trade balance is getting worse but mainly because the whole process is having a paralyzing effect on the minds of the people and on the morale of the entire nation.

ekathimerini.com , Friday June 20, 2014 (19:54)  
EUs three big problems all linked
A great president
Dont feed the zombies
Keeping an eye on international developments
Education minister calls for probe into predecessors reform plan
Following reports that a plan to reform the tertiary education sector launched in the spring of 2013 failed to lead to millions of euros in savings, Education Minister Andreas Loverdos on Mo...
Anti-racism bill goes back to Parliament
An anti-racism bill, foreseeing stiffer penalties for individuals and political parties that engage in racism or incite racist violence, is to be debated in Parliament on Tuesday following m...
Inside News
Tourism targets rise ever higher
The latest data have allowed the Hellenic Association of Tourism Enterprises (SETE) to raise its target for tourism arrivals and revenues this year higher still. During a meeting with main o...
Horse race betting hurdle removed for OPAP
The new tender for the concession of the right to organize and operate wagering on horse races in Greece for the next 20 years will include a number of changes in its terms, despite assuranc...
Inside Business
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek hoopsters go top of their group in World Cup
2. Tourism targets rise ever higher
3. Horse race betting hurdle removed for OPAP
4. Revised GDP data confirm that Greek growth is near
5. Measures to reduce unemployment
6. Peachy export data despite Russian embargo
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Dont feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.