Greek Trader Explains Why The Country Is Heading For Rebellion Or Civic Mutiny

Joe Weisenthal
Business Insider
August 28, 2012

A trader in Greece gives Business Insider a grim assessment of the mood in the country right now.

Right now, I am afraid there is very little visibility regarding the political developments in the next few months. You might as well toss a coin.

At some point, however, I believe we shall reach some kind of
‘social tipping point’ regarding the ability of the Greek households and society to absorb more austerity measures, the consequential continuing steep decline in economic activity and ever rising unemployment. The result may well be social rebellion, maybe even civic mutiny and associated political and parliamentary instability. This is the the game plan that the neo-communists of Syriza have been preparing for over the past year or so and the one that they have actually reinforced whenever and wherever that was possible. Unfortunately, I cannot see a ‘good ending’ scenario, under the present circumstances. Now when this tipping point may be reached, is anybody’s guess. It could very well be, as close as only a few months away. I do not believe that you can find anybody, within or outside Greece, that still sincerely and truly believes that the troika process of ‘internal devaluation’ shall lead to a positive socioeconomic outcome since no effective counter-balancing economic development measures and incentives were ever implemented, or even seriously considered.

Sorry I could not offer a more optimistic or positive picture and I hope that developments soon prove me wrong.

Unfortunately, this doesn’t sound different than what another contact recently told us, about society being at the end of its rope. Another person specifically noted the coming wave of likely tax increases as breaking the country’s back further. The coalition government that came to power this summer is already seeing disillusionment, setting up an opportunity for the far left-wingers of SYRIZA to come to power before too long.

This article was posted: Tuesday, August 28, 2012 at 5:04 am

Tags: economics, financial, money

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