Greece at One Baffling Crossroad

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Greece at One Baffling Crossroad

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This is the week in which international financial institution IMF and European Union will script economic destination of Greece. Greece has received, only in the earlier year, a bail out aid worth 110 billion euro to win its battle against deficit budget. Unfortunately, Greece has failed to do justice to its credit status, because it has inched towards an inevitable default line over a debt of about 327 billion euro.

Experts of European Central Bank are not at all optimist about the prospect in Greece. Lorenzo Bini Smaghi has coined the word ‘fairytale’ to explain capacity of Greece in getting rid of the debt trap in which it has been placed itself.  It is apprehended that banking system in Greece will collapse in near future and that none will be available to come forward to risk offering capital to this country which is already in a great financial disaster.

Recovery prescriptions with suggestions of financial reforms and austerity measures are nothing new to this nation. Hence, financial leaders in the international arena (IMF and also EU) appear to direct George Papandreou, Prime Minister of Greece, to go also for speedy sales of assets own by the state.

George Papandreou is a socialist and he is leader of his party named PASOK which has considerable majority in the legislative body. Impatience of the economically affected people of his country is, however, at its never-before low.

Just on last Sunday, Syntagma Square,the area facing the parliament house of Greece, was occupied by thousands of demonstrators among whom there were women and children and people of any age group. They were there to state: ‘Give us our daily bread’ or things like this in other words. They were not there to learn lessons of class struggle from their socialist Prime Minister; nor were they there to approve the direction stating speedy sale of their state assets.

This week will pass leaving the people of Greece probably to a different station. I would wait for my brothers and sisters of Greece to say ‘Good Morning” to the rest of the world which has been watching the development from the start. 


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