"Individual commitment
to a group effort - that is what makes a team work, a company work, a society
work, a civilization work."
-Vince
Lombardi
Question: How do you pay a debt that was impractical, to begin
with?
This is the Greeks argument with the Troika. The Troika, is a
slang term for the three financial institutions in charge of the EU: European
Commission (EC), the International Monetary Fund (IMF), and the European
Central Bank (ECB). Over
200 Billion Euro was loaned to the Greeks, by the Troika. June 2015 is the start of the first debt to the ECB.
ECB
handed the Greeks a Billion (plus) Euro loan that was never used for the people. Instead, it was used against the people. Along with the borrowing
came a hardship life of austerity, where public
cuts were slashed, incomes diminished, and people were left penniless and
hungry. Properly deeming this phase as The
Greek Depression.
Things went from bad, to worse. From worse to terrible.
Terrible to God-awful. More money was being borrowed from the Troika, thus creating a vicious cycle of
instability.
You
see, the euro is a marriage of political and economic union that will not
separate. Once you’re in, there’s no leaving. Those of you who believe a Grexit
is the answer, it’s not. Those who believe a transition to the drachma is an
option, that isn’t possible either. If either of these became a reality, the
result is: the country will diminish. Bonds will be cut; allies will be
enemies, thus creating a third world. Therefore, the euro is here to stay with the
Greeks having to find a way to increase the volume of money and the value of
currency. How?
Alexis
Tsipras, the leader of Syriza, a socialist-communist party with radical-left
views, vouched for change and demanded that revision will happen. He guaranteed
advancement for the younger generation. He confirmed a reversal from the
financial crises we were experiencing. He vehemently expressed a declaration of
assurance. The Greek people, in a state of reckless poverty, listened to a man
who indicated a future of excellence. They observed the travesty the leaders
before him had done, and agreed that enough was enough. They chose a different
leader, a radical-leftist, to take control of the austere situation they were
placed in. They voted for a man who promised a positive development in our
country. Tsipras was their final attempt to end the madness. 
“Greece
will now move ahead with hope and reach out to Europe, and Europe is going to
change,” Tsipras said. “The verdict is clear: We will bring an end to the
vicious circle of austerity.”
Tsipras asks the Troika
to lower the debt. Troika isn’t
agreeing for there are guidelines implemented by the EU. The money that was borrowed
must be returned. However, it’s unrealistic to pay back over 200 Billion Euro
with the interest rate climbing and the internal revenue declining. There’s no
way they can play catch up.
ECB is demanding they borrow more. The new Financial
Minister, Yanis Varoufakis responds, “Bankruptcy
cannot be dealt with by more borrowing.” In addition, the good-lookin worldly
professor is positive to find a solution, because he is a man who is ready to,
diplomatically, find resolve. “This
country never had a government that was prepared to bargain.”
Maybe it does now. I don’t trust Tsipras, but I do have
complete faith in Varoufakis, for he isn’t a man who barks orders. He educates
a topic, explains the problem with the solution, and gains positive results.
Greece may be led by an atheist, a matter I won’t even touch,
but the true resolve here lies in the hands of a man who became an “accidental economist.” Someone that the
whole country agrees, will gain success by giving strength to the people and
totally wiping out their humiliation.
“We
will destroy the Greek oligarchy system.”
-Yanis
Varoufakis
