The Economic Strategy Journal
Have you ever heard about phoenix in Greek mythology? Herodotus referring to this mythical bird and its unique ability to be regenerated from its ashes, which are created by its own fire.
Nowadays, a remarkable majority of the Greek population support the prospect that Greece will emerge unscathed from the disastrous economic crisis. Like the phoenix, it will find the path which leads to a promising future.
But what is the reality? A range of factors, both internal and external, beset the Greek economy. Although the global economic crisis is a fact, it cannot be an alibi for our problems. It is unconventional, however, to adopt this point of view because it obscures the responsibility of those who have contributed to aggravating the situation rather than rebuilding the economy. Furthermore, this excuse-making leads to dead ends. Deficits, debt, unequal distribution of the tax burden, false wealth,and other structural problems of the country are not the sole causes of the crisis but the consequence of chronic structural weaknesses and poor policies, which then as secondary causes reproduce and feed back into the economy crisis. Thus, a key feature of the crisis is the production of new problems and the disparities in economic and social conditions.
Furthermore, roughly one-quarter of the economy and nearly one million jobs were lost inthe Greek economic crisis. The purchasing power of Greece’s citizens has reached unprecedentedly low levels and daily life is a struggle of survival.
However, the government is conveying the optimistic message that 2014 will be a year of economic recovery for Greece. Taking the reins of the European Union presidency, Greece carves a new path for the future of the Union. It is also the right time to make bold steps for aprogressive course aftersix years of recession. On the other hand, there are some who distrust Greece’s efforts and evolution, and who maintain a negative environment with political and economic implications.
Will Greece merge from the labyrinth of its financial crisis? Are Greek politicians willing to sacrifice their personal careers to promote the necessary reforms? And finally, was it the right “political” decision for Greece to become a member of the Economic and Monetary Union (EMU)? Are there auspicious recovery prospects in the Memorandums ofEconomic Adjustment Program?
The only certainty is that government interventions cannot succeed if they are not founded on individual initiative. As an ancient Chinese adage says “Rather than complain about the darkness, light a candle”.