Why Are Greeks the Poorest People in the EU?
The European Union is facing a severe crisis marked by unfulfilled promises of democracy, equal exchange, and shared prosperity. The situation is particularly dire for some EU nations, with Greece, according to a recent Financial Times report, on the brink of becoming the poorest member of the EU. Despite Bulgaria currently holding that position, its economic trajectory is set to overtake that of its southern neighbor.
The problem in Greece is not so much a stagnant economy, which grew by 3% in 2023 on the back of a resurgent tourism industry. The problem for Greece and other EU nations is that the people’s living standards are in decline, on the verge of desperation for some. The FT report shines the spotlight on Greece in a death spiral where per-capita GDP is concerned. Even Bulgaria, which is currently in last place, will eclipse the world’s oldest democracy.
The Athens politicians caving in to the IMF and debtor nations was the start of the country’s economic tailspin. Austerity measures, spending cuts, and a humongous tax burden placed on Greeks were bound to destroy millions of livelihoods, and boarded-up businesses here in Crete testify, as do the island’s dilapidated cars, houses, and infrastructure. The numbers do not lie. Since 2007, the Greek economy has shrunk by almost 20%. Meanwhile, the EU economy has risen by 17 per cent or more. FT quotes George Lagarias, the chief economist at Mazars Wealth Management, saying Greece’s gutting is unprecedented since the Great Depression of the United States in the 1930s.
Wages here have been in a free-fall since the bailout schema was put in place by the Tsipras administration. His administration betrayed the Greek people, even after the public had voted in a referendum to decline the IMF/ECB and EU bailout plan (61% to 39%). Two things are worth noting here. First, United Nations human rights and international law experts Alfred de Zayas and Virgi
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