(This piece was published on July 12 2011)
It’s done. The staggering grotesque ways of Greece’s sociopolitical system have been revealed. Now startled, numbed we stare the demise of once a cultural beacon. In this transitional period something intriguing is taking place down there in the Southern part of Europe. An obsolete, eroded and twisted system has consumed itself and amidst the indignation and gloominess something innocent and unspoiled breaks out of the dark.
The so called Indignant Citizens Movement is a promising beginning, yet nothing more than , a beginning. It was always like this, a sudden, ecstatic mass would fill the streets “exercising the ultimate right in our liberal Democracy” as they exclaimed, giving no consideration to the legitimacy of their demands. Afterwards they would regress into a status of self protectionism, ignorance and foremost apathy for what might come. A treat for politicians. So, now society finds itself in a critical point. Will we witness a unprecedented awaking of citizens nurtured in contemplating solemnly the present or will they plunge into a haven of denial and accusation of foreign forces ?
But in this crucial time the nation has plunged itself into secularism abhorring the allocation of monetary policy in the EU and the IMF. Yes, the resent might be justifiable because of the policy the union and the institution they follow. Great economists agree that in a fading economy providing loans with high borrowing costs to cover its current financial needs combined with stagnating cutbacks leaves no room for growth and thus the default is inevitable. Would though a legislature that consists of members nurtured into a client-voters system push through long needed reforms? The delegation of powers to Brussels has contributed the most to all Europeans forcing their governments to be more just, more transparent, and more flexible.
The fate of this prodigal nation rests in the hands of Angela Merkel and Nicola Sarkozy. The scenarios vary - one though seems realistic to this blog. The exposure of Europe’s financial institutions to Greek debt amounts to 65 billion with the greatest proportion owned by the German and the French. So when time comes for a debt restructuring, which ECB stubbornly denies, the banking sector in the affected countries will be in severe need of recapitalization. The leaders of Germany and France represent now far more than their electorates, and responsibility is crucial.
In this globalized world market, economies and thus nations are open, perhaps prone, to forces of change. The decisions taken across the Atlantic have proliferous implications in Europe. No one can stand alone; nations have succeeded overcoming their difficulties through mutual understanding and co-operation, self centrism is self destructive. The future of European states is with their neighbors, this is what our fathers have envisioned and endeavored for.