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Greece: falling apart

| 10 February 2012 11:45

This is the reaction to the latest austerity measures proposed for Greece.

G-Pap was right to want a referendum. I do not anticipate this government will be re-elected. We will then see what the next government does.

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.


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  • David Lazarus

    Today another four resigned from the coalition. If the Germans or French were told that they needed to surrender sovereignty of their budget process I doubt that they would accept it either. Quite frankly with the anti german feelings in Greece I am surprised that the embassy has not been burnt down by now. Maybe it is just a matter of time. Once the masses have lost everything they will through out the politicians. Maybe the stripping of political privileges will follow, no more pensions for politicians, or forcing them to accept significant pay cuts?

    • Norme

      So, what you’re saying is they are achieving cuts in public wages and pensions already. Cool.

  • Pingback: The Grexit is coming sooner or later « naked capitalism

  • http://www.ramblingsoul.com Dan

    “I do not anticipate this government will be re-elected.”

    Most people would argue that this wasn’t really a government resulted from an electoral process anyway. When the great European Powers dictate what other nations should or should not do, tensions will arise.

    Debts that can’t be repaid, won’t be. It’s not like it wasn’t known in official circles that Greece (their political class) was taking advantage of the EU system and spending money it didn’t have. Greece was tacitly allowed to get so far off the point of no return.

    “Once the masses have lost everything they will through out the politicians. Maybe the stripping of political privileges will follow, no more pensions for politicians, or forcing them to accept significant pay cuts?”

    Well, that could happen, but it’s not like most politicians actually depend on their pensions. ;) The more worrying development would not be strictly internal. Extremist elements may eventually organize and identify a foreign enemy, and fight it using “unconventional” attacks on its soil.