According to Greek mythology, the noble Iphigenia was sacrificed so that the warships could have a fair wind to Troy. According to eurozone mythology, Greece should become the Iphigenia for the euro to sail ahead. However, this sacrifice would fail to do the trick. Since Greece cannot access capital markets and Greeks have no appetite to leave the eurozone, a…
The biggest public debt restructuring in history is not a world first that makes us proud, despite the enormity of the achievement on a technical and negotiatory level, the massive complexity and difficulty of the task. It represents, as Prime Minister Lucas Papademos said in his statement, a moment of relief, but also a moment to ponder on those who…
By George Pagoulatos In an ironically symbolic picture from last December’s riots inAthens, the poster ofGreece’s National Tourism Organisation appeared behind a shattered window, featuring the slogan: “Greece: The True Experience!” Five years ago, with euphoria over Greece’s entry to the eurozone still fresh, urban infrastructure expanding, a galloping growth rate and a new-found pride from the successful hosting of…