Six months after the outbreak of a severe economic crisis in Greece that sent shockwave across the world, with the helping hand of the European Union (EU) and the International Monetary Fund (IMF), the Greek government appears more confident that the country will solve its problems and escape the worst scenario.
But "they estimate without the hotelier," as a Greek proverb says. Thousands of citizens who take to the streets twice a week to protest the austerity measures and the planned reforms, remind Prime Minister George Papandreou and his team that they are not willing to cooperate.
Papandreou stressed repeatedly that radical change is the only way to save Greece from a bankruptcy, to reduce an enormous budget deficit that currently stands at 13.7 percent to less than 3 percent in three years, overcome the crisis and move onto prosperity for all.
The socialist premier said that Greece could no longer spend much more than it produced, that there was no future and the only viable solution to stand again strong on its feet is the full implementation of a Stability and Growth Program that introduces harsh austerity measures on Greek citizens and radical reforms on the way the Greek state functions.
The recent activation of the EU-IMF support mechanism that will assist Greece with loans at reasonable interest rates in exchange for concrete steps to solve the problem, was the only option available at a time when the country was sinking deeper and deeper into the crisis, under the pressure of international markets, credit rating agencies and speculators, said the government.
The EU and IMF will extend 110 billion euros (145 billion U.S. dollars) in loans over a period of three years. The EU will lend 80 billion euros at an interest rate of 5 percent and the IMF will lend the remaining 30 billion euros at an interest rate of 3 percent.
But Greek citizens who protest in front of the parliament every week for months, are still not convinced and ready to back up this exit plan from the crisis. According to recent polls, though the public had realized that the way the Greek state was functioning for years was leading to a dead end, they did not seem to agree that this was the appropriate way out.
A recent opinion poll indicated that 61 percent of Greeks oppose the decision to ask for the EU-IMF package.
Analysts such as Joseph Hassid, professor of economics at the University of Piraeus, said between joke and seriousness that objection to harsh measures and the involvement of foreign institutions such as the IMF into domestic policies, is part of the DNA of Greeks, stemming from resistance to Ottoman rule until the 19th century and distrust to the role of foreign powers in Greek matters during the 20th century.
Other Greek commentators also support that the strong reactions reported over the past few months by the Greek public are closely linked to the psychology of Greek people whose initial reaction is to complain and oppose any change of status to the worse, any sacrifices unless they are convinced these are absolutely necessary and that the outcome would benefit all.
Go to Forum >>0 Comments