It started
as a European crisis, now it’s turning into a global one. During the G8-Summit
in Camp David, the global leaders agreed that the Greek people have to vote the
right way this time. The results of the previous elections were considered a
product of the so called “enraged citizens” (German: “Wutbürger”). Now, the
Greeks have to be aware of the global impacts of their angry vote.
Our western
leaders, in their infinite “wisdom”, are not tired to articulate
recommendations how the Greeks shall vote on the new elections scheduled for
the 17th June, but disguising them rather shabby. Specifically by
German foreign minister Guido Westerwelle and finance minister Wolfgang
Schäuble although the latter one claimed not to intent in intervening in the
course of the Greek elections.
A few days
earlier, chancellor Merkel has offered a referendum option to Greek President Papoulias
on the Euro, a matter that was in fact proposed by the former Prime Minister
Papandreou but heavily rejected by the EU leaders Merkel and Sarkozy half a
year ago. The Greeks are sick of foreign intervention in their domestic
affairs, especially since German and French imposed austerity to Greece has – as
they claim – dragged the country into a deeper crisis with severe social
consequences.
On the
other hand, the more the discussion on the possible consequences of a
withdrawal from the Euro-Zone goes on in European and in Greek public, the more
the Greek people becomes aware of the impact of such a potential return to the
Drachma. As more and more people tend to pull their financial assets out of the
banks and out of Greece, they fear a massive loss of their remaining savings.
About 80% of the Greek population rejects the idea of a return to the Drachma.
Apparently aware of the personal consequences of a drop-out of the Euro-Zone
for the own economic situation, fear now becomes a rather strong instrument.
For the
global leaders at the G8-Summit agree on one thing: Greece will stay in the
Euro-Zone as long as it fulfils its obligations to the austerity regime. This
is the common statement of Chancellor Merkel, of the new French President
Hollande, and of US President Obama. However, they all have to be aware of the
fact that pure austerity is insufficient for a sustainable economic growth. As
possible mechanisms, a decrease of interest rates for debts and a temporary
delay of debt payments would imply two chances: a chance for Greek economy to
recover, and a psychological effect for the Greek people for more hope.
It is a
battle of two main emotions: it is a battle of anger vs. fear. Anger did
prevail in the first place, when the radicals have significantly gained at the
previous elections, but it did cause in fact more damage to the crisis. Now, overall
fear is the prevailing emotion; not only in Greece, but also on a global scale.
The
question remains: how will the now “terrified citizen” vote? There is a chance
for a more sensible vote, more reasonable, and more sustainable. In the end,
fear is a healthier emotion than anger, and the G8 microcosm in Camp David
knows how to communicate fear to Athens, showing who is actually in charge of
the Euro crisis.
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