Greek Elites And Debt Crisis

James Constant

            Greece has been hit hard by the late-2000s recession which is central to the related Western sovereign debt crisis and capitalism. The Greek government debt crisis, subsequent economic crisis and resultant, sometimes violent protests have roiled domestic politics and have regularly threatened both European and world financial markets and political stability since the crisis began in 2010. Elites are capitalist or non capitalist and come in all flavors (royal, democratic, socialist, communist, etc.). Here, I talk about the unbreakable grip Greek elites have had on their country. Ever since becoming an independent nation, Greek elites closely tied to the West have governed Greece and profited from and ruined it.


The symptoms of the Greek debt crisis must be viewed in terms of the West's debt crisis which has reached the more productive and wealthier states in Europe (Portugal, Spain, Italy, Ireland, France) and beyond. Greece has a population of 10 million and has a $500 billion debt ($50,000/capita) and survives only with loans it must repay. Compare: America (300 million population) has a $15 trillion debt ($50,000/capita) and survives only because, due to necessity and inertia of habit, other states and global merchants still have faith in its printed dollars.

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