Tuesday October 21, 2014 Search
Weather | Athens
24o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Moving on from the age of exuberance

By Costas Iordanidis

The disbursement by the European Union and the International Monetary Fund of the first tranche of aid from the new bailout package has created a climate of optimism, and the fact that measures cutting civil service salaries and pensions have been pushed back to the start of the new year has created a false sense of prosperity in the runup to the holidays.

The government has every reason to play up this sense of optimism while the recent upgrade of Greece’s credit rating has given its optimistic proclamations regarding the future the stamp of an objective observer.

This is by no means an attempt to dampen the upbeat mood. It is certain that we will soon find ourselves living in a new world and it will definitely be different from the one we know today. In Greece – a country that is dysfunctional, prone to escapism and the absurd – capitalism created the illusion that everyone had the right and the means to live as though they were rich. The result was that the lines between the financial strata into which every society is divided were erased. Working-class folk gave their children skills that would not prove helpful for their futures. The privileges of the wealthier classes became the birthright of every child with two working parents.

This was seen as the democratization of wealth and it was bankrolled without forethought by the banks, the state and foreign lenders. But the crisis came along and revealed the difference between being rich in credit card debt and having a cache of gold sovereigns. No other country in Europe is experiencing such a thorough razing of the social structure.

Whether we like it or not, Greece is entering a new phase, with a new economic structure, where each person will have to live within his or her limitations. The cycle of adjustment has opened and will not close. There is no way to return to the past. There are those who will wax nostalgic on this modern golden race of men (as Hesiod described an age when man did not have to work to feed himself) and there will certainly come a time when we will have to rebuild all of our value structures, though this debate is nowhere in sight just yet.

German Chancellor Angela Merkel revealed the framework within which she intends to rebuild the new world order. Speaking to the Financial Times, she said that Europe and the United States no longer “provide the only frame of reference for the world.” She suggested that new models of development have emerged in countries such as China, India, Japan and Brazil, “and they will be joined by other countries that are working hard and proving to be innovative.” This is the brave new world and, naturally, it does not look appealing.

ekathimerini.com , Thursday December 20, 2012 (14:27)  
The ECB collateral for Greece must be lowered to 5 pct
The past, present and future of the Greek debt crisis
Self-opposing coalition
Gutsy rectors
Greek farmers warn they´re warming up for protests
Greek farmers are warming up for extended protest action, representatives of their unions warned on Tuesday after meeting in Larissa, central Greece, over the weekend. Farmers, who are compl...
Accomplice of Greece´s Number 1 fugitive arrested while trying to leave country
Self-styled anarchist Polykarpos Georgiadis, linked to Greece's Number 1 fugitive, was arrested at Athens International Airport on Tuesday while trying to board a flight to Brussels, in viol...
Inside News
Athens bourse index leaps on big bank gains
The third straight day of Greek stock market gains brought the benchmark close to the 1,000-point mark on Tuesday, as investors are pricing in expectations for a very positive result to the ...
Think-tank says political uncertainty slowing investment in Greece
Political uncertainty ahead of a presidential vote early next year is dampening investment appetite in Greece, the Athens-based IOBE think-tank said on Tuesday as it confirmed its previous f...
Inside Business
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Athens bourse index leaps on big bank gains
2. Greek farmers warn they´re warming up for protests
3. Accomplice of Greece´s Number 1 fugitive arrested while trying to leave country
4. Think-tank says political uncertainty slowing investment in Greece
5. Trial over 2012 torture of Egyptian bakery worker in Salamina begins
6. Tax debts to Greek state exceed 70 billion euros
more news
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Gang importing heroin into Greece busted
3. Self-opposing coalition
4. Gutsy rectors
5. Applications for heating oil subsidy set to start
6. SDOE to probe Proton Bank loan to Thessaloniki businessman
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Istanbul skyscraper casts shadow over Greece's banking ambitions
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.