I’m feeling quite despondent today over news that the Greek parliament is likely to approve the latest loan package from the troika – accepting all of its vicious austerity. This is a harsh blow on two fronts. Obviously, it’s an economic blow, but it’s an even worse political blow. The Greek people are now set to face many more years of a brutal depression. Unemployment is currently at 25%, and youth unemployment is at 50%. 50%! The youth unemployment rate in the United States is 12%, and it’s hard enough to find a job.
And yet, the troika, despite all of its years of experience in economics, has imposed conditions that will prolong the suffering and make it impossible for Greece to emerge from its slump. Continue reading Greece