Editorial Note: Of all the nations experiencing traumatic economic difficulties during the course of the current Great Recession, Greece has suffered the most adverse consequences. The country’s five year economic problems have been longer and deeper than that of any developed country. In fact, Greece has gone through a catastrophic depression otherwise unknown in the West.
The standard of living has dropped drastically; unemployment has reached 26%; the debt to GDP ratio is over 180%; the country’s “fiscal cliff” is looming bankruptcy; social spending and the “safety net” have been eviscerated; while demonstrations and riots target both domestic debt reduction measures and the financial institutions of the European Union power brokers. In response, the European Union Συνέχεια →
Homeless people eat a New Year’s day meal distributed by the municipality of Athens, on 1 January. Government spokesman Pantelis Kapsis said further austerity cuts might be required: ‘What does cutting spending mean? To close down the public sector?’ Photograph: Petros Giannakouris/AP Συνέχεια →