17 June 2011 Volume: 21 Issue: 11 Australia's ... - Eureka Street

Volume 21 Issue: 1117 June 2011and pans, in a gesture that symbolises the basic level to which many Greeks have beenreduced. That gallant old war-horse and genius, Mikis Theodorakis, has been on a podium outthere, blaming the political system for the current mess. Well, he’s seen a few messes in histime.The latest mess centres on the German conviction that Greece cannot repay its enormousdebt, and that said debt must therefore be restructured. I am clueless about such things, but afriend who is an expert in financial matters did his best to put me straight.‘There is considerable contagion risk in extending the maturities of Greek loans, and soGerman banks are terrified. Still, Greeks may continue to receive European charity. It might beyet another instance of captive Greece taking her captor captive. Look at it this way: if youowe a bank a million dollars and can’t pay, you’re in trouble. If you owe banks 60 billiondollars and can’t pay, they’re in trouble.’I’m not used to coping with all those noughts, and hate the thought of such trouble, but amtrying to look at the awful problem every which way, really, while not getting very far withthe kaleidoscope. Although one thing seems clear: Greece’s ratings are now below those ofEgypt and Venezuela.Another thing that seems clear is that the krisi has divided Greek society very sharply.There have, of course, been terrible divisions in the past: the effects of the civil war linger on.At this very trying point, I can but hope with Panayiotis that things will work out.©2011 EurekaStreet.com.au 11