[size=18pt]Ο συνδυασμός αναβλητικότητας και υφεσιακής λιτότητας στέλνει την Ελλάδα κατευθείαν σε ακραία σύγκρουση, γράφει ο Κ. Λαπαβίτσας [/size]
Unfortunately, the reality is a bit more complicated. Take the restructuring of Greek debt. When the crisis burst out in
2010, Greece had €300bn of debt, held overwhelmingly by private creditors and governed by Greek law. It would have been a painful but fairly straightforward exercise to default, putting the country back on its feet. Instead, the EU advanced expensive bailout loans, imposed ferocious austerity, and created the worst depression in Greek history. The result was that by
early 2012 Greek debt had risen to €370bn. Of that, however, only about €200bn remained in private hands.
In less than two years, the EU had saddled Greece with a massive official debt, much of which had been used to retire old debt, allowing large private creditors to exit without losses.
It is hard to believe the Greek people will consent to national suicide, whatever might be the obsessions of the Greek elite. The trouble is, however, most sensible options to deal with the Greek crisis have gradually been blocked during the last two years. The path increasingly left to the country is that of social upheaval leading to default and exit from the eurozone. This would inevitably bring political unrest to both Greece and Europe.
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