Chakrabortty: No ‘Greecovery’ in sight
Aditya Chakrabortty writes in the Guardian that the whole frenzy about the Greek "success story" promoted at home and abroad is premature and that this is first and foremost about justifying the austerity cure imposed. If Greece can be presented as a success, it is easier to fend off critics of austerity led recoveries. But Chakrabortty says the signs are not there: Yes, wages have fallen, but investment which meant to follow hasn’t materialised, forecasts predict the seventh year of recession in 2014, 60% of those out of work have had no work for more than a year and around 400,000 families in Greece without a single breadwinner.
“Before the crisis, the government didn't know how many civil servants it employed; now it does. And, should you wish to trade in the middle of a depression, it has got easier and cheaper to set up a business. But pit those gains against the near-collapse of the health system, the rise of the neo-Nazi Golden Dawn and the clampdown on investigative journalists….While the economy remains catatonic and civil society is in crisis, all such boosterism amounts to is a 21st-century version of claiming the operation was successful; it's just a shame the patient died.”