The Greek trauma

The Greek Resistance – Al Jazeera

My comment:

Firstly, one should acknowledge the important role the EU played in the transition from totalitarianism to democracy in Greece. It is really quite questionable whether Greece or Spain or Portugal could have made such smooth transitions to democracy without the lure of a promising and enriching membership in the EU. So when one contemplates the dire straits of the present situation in Greece one should keep in mind the preceding 3 decades of economic prosperity which came about very much thanks to its EU membership.

Secondly, there was almost a consensus among economist before the introduction of the Euro that the theoretical underpinnings of this currency project were, to say the least, shaky. For political reasons the decision was still taken to launch the economic and monetary union. People at the highest levels in the EU must have been aware of the considerable risk in terms of economic asymetries and of the presence of nepotism and corruption in Greece and in the other  mediterranean countries. The project still went ahead. So if there now are some serious bumps in the road then this development was very much to be expected.

In fairness, if one wants to assess the role of the EU in bringing about the present dire economic and financial situation of Greece these historic facts should be kept in mind.

Finally, the Greeks are now rightfully indignant about their fate but why don’t they bring to trial those politicians and civil servants of theirs who made private gains and who produced the fraudulent statistics that paved the way for the Greek membership in the economic and monetary union?

Yours sincerely,

Mats Jacobsson