Greece: another chapter

Po končanju waterboardinga Grčije s strani trojke je relativni napredek velik, toda Grčija je danes še vedno 20% pod ravnijo pred začetkom finančne krize:

“Nevertheless, this relative improvement in the economy is a key reason why the ND is likely to win. But the emphasis is on relative. The recent fast GDP growth since COVID is coming from a really low level of GDP. The Greek economy remains still some 20% smaller than before the Great Recession and euro debt crisis. And the recent investment rise is mostly in unproductive real estate investment. “

Michael Roberts Blog

Greece has a general election today. The conservative New Democracy party under Kyriakos Mitsotakis currently forms the government, having defeated the leftist Syriza party under Alexia Tsipras in the 2019 election. In 2019, New Democracy took 39% of the vote to Syriza’s 32%. When Syriza took power in 2015 at the height of the euro debt crisis, Syriza polled 35% to ND’s 28%. Disillusionment with Syriza among previous strong working-class support was enough for the ND to gain a substantial victory in 2019. The former social democrat party PASOK, which had adopted neo-liberal policies during the debt crisis, polled only 10% and the Communists (who called for leaving the EU) fell to just 5%.

Although voting is formally compulsory, turnout was only 57% in 2019. Indeed, voter turnout has steadily fallen since Greece joined the EU in the early 1980s, but it did rise during the euro debt crisis between…

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