Tuesday 21 June 2011

zeugma

As the spectre of default and more financial straits loom for Greece, Germany has undertaken some demanding roles (EN/DE), though commensurate with their overall economic influence, to rescue Greece and the European common currency.  

Of course, it is the Greeks who too have a vested interest in getting their portfolio in order and ensuring future livelihoods, and this begs the question whether they really want to be yoked with the liabilities (zeugma = yoke) of being a dues-paying member of the European Union. Argentina defaulted a decade ago and recovered quickly and now thrive: Argentina uncoupled their currency from the US dollar but maybe that is not quite the same as a country quitting the euro. Greek bureaucracy was probably no more bloated or corrupt than anyone else's, but they did a poor job of collecting taxes. It does not seem things ought to be this gloomy, making hoi polloi take to the streets in protest--although what deal the government accepts should be closely watched and the people make sure it is in their favour. Germany is also relying on the kindness of angel investors (Privatglรคubiger, private believers) to buy and hold Greek bonds on a voluntary basis, knowing the risk but potentially realizing big profits once stability has returned. Individual pensioners can apparently also take a gamble with their retirement funds, if they choose.
Involving private investment is necessary and smart move on the part of Germany--however, the tables could still turn on everyone. Another avenue to pursue, I think, might lie in rallying and educating the general public. A lot of solidarity emerged for Egypt and the Arab Spring, and although the Greeks are not suffering like their compatriots in the Middle East and North Africa, there is potential for injustice and for the crisis to spread. Surely there could be an educational campaign on the part of EU governments to show consumers what choices they can make to help Greece--or Ireland or Portugal or Spain or Italy. I don't know if one can buy a Greek-made automobile as easily as going to a Greek restaurant, but there's surely something useful that could be done and presented as an option--even berthing ones money in a Greek credit harbor overnight might make a difference. Whether skeptical of the euro and the EU or not, everyone too has a vested interest in helping keep one's neighbours and partners afloat and thriving.