I fear that the Greek people are being saddled with a curse that will survive many generations, sort of like predatory pay-day loan storefront lent legitimacy by central banks’ underwriting that traps people down on their luck in a vicious and unending cycle, pushed into a coup d’Etat. The most optimistic estimates predict, I heard, for repayment—just getting back to zero and being broke again (the condition that most countries cling precariously to) and not in arrears or receivership—is at best a hundred years and that is contingent on a period of peace and stability that has not been enjoyed in a long, long time.
The Greeks, of course, have a term for such hegemony already in their philosophical quiver—though in a different context—namely,
Frankocratia, the period of rule by the Germans and the French (the Franks) with the mission-spill of the Crusades, and while I think it behooves one to have an abundance of caution when assigning blame, not because the affairs awash with pure intentions, but pointing the fingers at a an obvious villain tends to deflect attention from the real Putsch and even absolve the corporate interests behind everything. The Invisible Hand of the market. Meanwhile, Athens is in the process of readying a fire-sale of its heirlooms and heritage as collateral just to have permission to re-open their banks—including institutions that were profitable for the state, like the national lottery, airport administration and even becoming more restrictive to public right-of-way and beach access. Who knows what’s to follow? The privatisation process will be overseen by Germany, which has some experience in this field, having had established the so-called Treuhandanstalt (trust agency) to administer the transition of state-controlled industry into to the capitalist system after the reunification and four decades of East German pension funds and business paradigms had to be integrated. This programme has not been without its contentious detractors, hardships and heart-ache as well.
