How did a marginal, misgoverned little nation push all of Europe to the brink?
The European Union proudly claims to be more than the sum of its 27 parts, with a collective wealth and influence that gives it elephant status in the global zoo. Its common currency, the euro, used by 17 of its governments (but not, importantly, Britain), ranks second only to the dollar as a reserve currency. But it only took a hungry Greek mouse running up the elephant’s trunk to send the beast into an intensifying panic.
By letting politics trump economics, that’s how. Repeatedly, and for 30 years, the Greeks have played Europe like a harp. June’s EU summit illustrated the chaos perfectly: a last-minute deal with Athens to raise the Greek income-tax threshold and increase levies on heating oil was hailed as a breakthrough even though everyone involved knows that this will buy, at best, a few months’ respite from Greece’s creditors. Thus are deck chairs rearranged, as the Greek pleasure yacht (classified, of course, as a fishing boat to escape taxes) sinks below the waves. The markets duly marked up the five-year probability of a Greek default to 80 percent.
The advice to Margaret Thatcher from the Foreign Office mandarin charged with European policy was as clear as it was intended to be confidential: Greece was unfit to join the European Community. The backward, chaotic archipelago would be an enduring drain on European coffers, David Hannay predicted. Not only that: once through the door, Athens would bring nothing but trouble, thwarting a Cyprus settlement and generally bedeviling Europe’s relations with Turkey.
That deliberate, understandable, and foolish decision to waive the rules for Greece in 1981 lies at the root of the crisis engulfing the euro zone and lapping America’s shores. Consciously, among its pampered political elite—and subliminally in society at large—Greeks got the idea that being Europe’s backward, indulged delinquent was a highly profitable game.
So it proved. “Structural” and regional aid poured in from Brussels to help Greece “catch up” with the rest of Europe, with wholly inadequate checks on what Greece actually did with the money—or why successive governments could now afford to expand the public-sector payroll to the absurd point where it employed half the workforce, all without attempting to collect more than half the taxes owed. Greek blackmail worked at the political level, too, even securing the admission of Cyprus without the EU’s first requiring its Greek majority to come to terms with the Cypriot Turks—thus perpetuating a dispute the U.N. had for decades been attempting to resolve.
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The Iron Lady, new to the European game, had already locked horns with France and Germany demanding a cut in Britain's unfairly large EC membership dues. She was not going to pick another fight over Greece. Besides, the case against it would be hard to
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The door swings shut, and they are locked forever in their chosen cell. Bernard Shaw says much the same in Act III of his Man and Superman: that delicious ...Escape Into Darkness, The True Story of a Young Woman's Extraordinary Survival During World War II
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Suddenly Hester was ice-cold, imprisoned in something terrible, without escape, as if the iron door were locked forever. She could kick and scream forever, ...Women's movement, escape as transgression in North American feminist fiction
This "escape" is not dramatic — it is simply a waiting game, where Huck and Tom Sawyer must ... of course, that Huck is forever locked inside Pap's cabin, ...Gothic feminism, the professionalization of gender from Charlotte Smith to the Brontës
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Online room escape game. Your aim is to escape the room. To do that you need to open the door, but the door is secure, very secure, it has 10 locks on it. To open ...
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Another game in Locked Forever series. Your aim is still the same, you have to collect 10 keys to open the blue door and to escape.
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