DEUTSCHE WELLE.- How would you explain the Greek debt crisis to someone outside of Europe?Lea la entrevista completa, aquí
GREEK ANALYST.- The Greek debt crisis is a good example of what happens when political constraints and shortsightedness triumph over basic economics and long-term economic prosperity, over a long period of time. This is why the crisis has been a "perpetual" one, coming back every few months or so, with a new and craziest ‘episode’ to add in the series, rather than organically subsiding after a while.
Greece represents less than two percent of the European Union’s GDP. In effect, it has always been a perfectly solvable problem for European countries to deal with collectively in terms of economics. Yet, the lack of a strong political will (both on a domestic front, but also on an EU level) makes the equation seem repeatedly unsolvable, even when you think a solution is within a finger’s reach.
Not even watching your favorite characters dying time and time again in Game of Thrones leaves you with such a sour taste as the one derived by the repeated episodes of the Greek crisis drama.
DEUTSCHE WELLE.- Is there an end in sight? Why (not)?
GREEK ANALYST.- Yes and no. If the history of the Greek crisis teaches us anything, it is that the Greek drama is not over yet. Perhaps I have become more cynical after the latest act in the drama, but I believe that things will get much worse, until they get substantially better again. The Syriza-led government certainly did not take advantage of the positive turn in the economy in mid-2014, has only exacerbated the recessionary conditions in place since coming to power, and rather than implementing (and showing ownership) of structural reforms, it has begun an unstoppable over-taxation spree. To paraphrase the famous sardonic proverb: In Greece, nothing can be said to be certain, except for death, taxes, and even more taxes after you die. So, no, things do not look good in the near future. Of course, nothing is over until the fat lady sings.