How neoliberalism tries to find its way in Greece, or not?

In the year 2008 the biggest recession and economic crisis broke out in modern day history. The crisis went that deep that it was compared to the crisis in the late twenties in the last century.

Many people lived above they actually could afford, lived on borrowed money and the housing prices exceeded the actual value.

The economy slowed down, the production eased, people stopped rolling the dollar and the world was in shock when the leading banks couldn’t fulfill their obligations.

People lost jobs, couldn’t pay mortgages, and foreclosures put people on the streets.

This is not only a matter in the USA, the whole world was deeply affected by it and on top of it, in Europe, the financial crisis started in the Euro countries. It turned out that Ireland, Portugal, Italy, and Greece didn’t have their finances in order and the European Central Bank, or ECB, and the IMF came up with plans to help the countries financially.

During the last decades, the European Union made a move to become political right. Right in favor of the capital, the free flow of capital, the reduction of government interference, the reduction of taxes, and letting go of social programs and everyone who couldn’t manage were standing on its own feet.

Italy, Ireland, Portugal and also Spain are managing by themselves. Struggling with high unemployment and finding ways to control their budgets, but they are managing.

Not Greece. They are held under tight austerity measurements, privatizations, cutting on public spending, cutting on government spending in general, plunging so many more people in poverty who didn’t contribute to the crisis in the first place.

Yes there was corruption, yes there was distrust from the people towards its governments and yes there were major tax issues, which contributed too to the crisis.

In present reality it is that Greece keeps on being on the edge of bankruptcy with a population in shock, with measurements nobody asks for, with a high unemployment and where people keep on falling below the poverty line. The people start protesting, the people turn against European interference, the people turn fascistic, the condition of the people at large is not going well and want this political right wing policies to stop or to change to have air to breath and an income to survive.

With the last election a far left oriented government is installed and now negotiations are being held to find a way so Greece can stand on its own feet again, being part of the EU, and having found a middle way with Europe regarding the austerity measurements.


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About Daniel Arendzen

MSc Poverty Reduction (candidate), founder and secretary of Developing the foundation, writing for the website and on I write my personal view on current events. Contact me through

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