Greece’s next step toward oblivion
Greece has already suffered mightily as one of the Eurozone’s weakest members. Government-enforced austerity since 2010, ordered by accountants in Brussels, has slashed wages and raised taxes, while the rest of the Eurozone has given Greece 240 billion Euros to offset its massive public debt (which was created by decades of deficit spending). Twenty-five percent of the population is unemployed, as are 50 percent of young people 25 and younger. Hundreds of thousands of skilled Greeks have fled the country to find jobs elsewhere.
Greeks are tired of the whole mess. And so they elected Syriza, a Communist party. Syriza leader Alexis Tsipras vows to undo austerity, renegotiate the terms of the Greek bailout with Brussels, guarantee cheap utilities for the poor, raise wages and cut taxes.
It’s fairly obvious how that will turn out. One has only to look at the implosion of Venezuela to remember that Communism doesn’t work. I totally understand the Greeks’ frustration, and their desire to try anything. But they’re going to regret their decision to elect Syriza.