Eurozone Greece: It Made Sense Back Then, No Mistake

Much is being written lately about Greece's joining the eurozone (see image left) being a romantic mistake. Romantic because Greece is, after all, the cradle of democracy and how could we do without the cradle; mistake because Greece could not keep up with the requirements and disciplines of a common "hard" currency.

Ex President G d Estaing of France practically admitted it was a mistake.
I cannot comment on the sentimental bit: it either is or isn't and if the "is" affects decision makers -- so be it!

I can however comment on the latter. I propose that there was no mistake:
Not only was Greece more or less within specs, it was a promising small country with a big history, a democratic regime (they invented after all), a land of some opportunity, a growing economy -- as far as one could tell -- and excellent prospects. At the time.

Add to that, Greece Inc is, on the whole, a small operation by most European standards and, thereby, manageable even if something went wrong.

But no-one could have predicted just HOW wrong!

No-one could have predicted the utter indifference Greece's politicians and their cronies would show to the country's fate. For the past thirty years, Greek political history is one of scandal, misappropriation, mismanagement, and impunity for the few.

Even today, two years after Greece unofficially went under and is being kept alive by those same "romantics", nothing has been done to assuage public sector deficit. Not even by reducing the payroll.

"Nothing" is not an exaggeration: nothing is the fact. Zilch.

Zilch: the public sector has actually increased in size -- albeit only by 7000 new recruits (soon to become 10000 new recruits).
The state income had decreased by 33% in 24 months.
Greece's present government, ruling a country of 10mill comprises 51 persons. Italy's only 15.

Greece's ruling socialist party politicians publicly assert they have avoided the worst and succeeded in the saving the country.

One hesitates to use the ill-used word "Mafia" -- even though the same families seem to be key players in the Greek politics for the past 30 years just as we see in Hollywood (and probably real) Mafia.

It is probably a first in the political history of the contemporary world. Even Attila settled down to peaceful growth after the first pillaging; not so Greece's ruling families and their followers!

No where else has such bewildering indifference to the fate of the common good been reported!

And no-one could have predicted the Greek voters' deep rooted naivete to vote for the same people who have resulted in the virtual death of their country. Even when everything around them was already crumbling down! They accepted to be hoodwinked, time after time, again!


So, I repeat my vehement conviction: no mistake when Greece was invited to join the Eurozone.
It all made perfect sense -- and where the numbers were close, a little bit of romantic will made the way.

There could be no predictability because there was no historical precedent!


Now we have historical precedent.

Too bad it comes from that beautiful small country with the big, glorious, history!