Greek Financial Crisis Talk at the Faculty of Social Sciences












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            * Greek Financial Crisis Talk at the Faculty of Social Sciences
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            Few topics are messier to discuss than the Greek economic crisis and the Eurozone. It’s on

            interconnected, over-lapping, multi-dimensional, fuzzy and frustrating mess, with many bri
            currently engaged in untangling the layers. Amidst the brightest, and most highly respecte
            Nikolaos Zahariadis of the University of Alabama, Birmingham, USA.  A specialist in compar

            Policy and International economy, he has written extensively on the Greek sovereign debt c
            context of European Integration.
                Speaking at the CESES in the Faculty of Social Sciences on Wednesday, 2nd of April, Pr

            Zahariadis presented his analysis of the Greek crisis in a lecture entitled: “Greece’s Fis
            Wither European Integration?” He began by analysing the Greek problem, starting with the c

            triggers of the crisis. He outlined the causes of Greece’s woes as being high debt plus hi
            high private debt, coupled with leadership failure inevitably leading to trouble. An appet
            investments and a highly valued euro acted as triggers, and things quickly went pear-shape

            class="rightfloat"> <p> The medicine may be more toxic than the illness </p> <cite>Prof. Z
            </blockquote>
                            From there the professor went on to describe how the Greek troubles were a

            of Europe. Drawing from Elinor Ostrom’s work on common pool resources and the tragedy of t
            described the fear of contagion and the possible cascade of other weak, peripheral Europea
            could possibly follow the path of Greece; the dangers of interconnected loans which left G

            much of the Greek debt; and the culture of taking Stability and Growth Package and Europea
            guidelines as friendly advice rather than rules to be followed. His conclusion was that th
            conceivably have let Greece fall, and that by dawdling over the syntax (to paraphrase Prof

            they failed to put a band-aid on the wound in time, and so it became infected, becoming a 
            problem.
                            And so, what has all this meant for Greece and its people? Prof. Zahariadi

            picture of brutal cuts, which were not suitable and have failed to achieve the desired res
            by weak leadership and a failure to negotiate better terms Greece has been left with plumm
            and soaring suicides, growing radicalism and a fleeing of its skilled workforce – with dev

            term results. To sum: “the medicine may be more toxic than the illness”. The professor cer
            see the situation improving anytime soon, and put no faith in the hopes of European Leader
            second bailout package would improve things by 2015.

                            And the future? During the closing question and answer session the profess
            what he would do if he were the president of Greece. Rather than resign immediately, as I 
            people’s answer, he outlined two key issues that the Greek leadership should prioritize: r

            trust of a betrayed electorate, and building a new economic model for the country – one th
            rehash of the old one, and one with job creation at its forefront. Unfortunately, both aim
            than done, and Professor Zahariadis will probably be busy giving lectures on the Greek eco

            a good while yet.                                                                         
            Elan Grug Muse is in her second year studying for a BA in Politics at the University of No
            politics, music and literature, and was motivated to write for iForum because it offered a