What's going on with Greece?!

A few years ago Greeks realized that the global financial crisis actually affected them too... You see, people here lived in a virtual reality for decades. The Greek growth model was based on the notion of spending; while the economy was structured on the bedrock of nepotism, corruption and greed. Not a good mix.

Greek politicians capitalized on their government positions in order stay in power. They created civil sector jobs that were obsolete (in order to accomodate their voters) they borrowed money in order to beef up salaries in the public sector and they gave out contracts to companies that offered money under the table.

On the other hand, you can imagine how the Greek society was structured, within this political situation. People expected everything from politicians. From a civil sector job to erasing that parking ticket. Corruption was a way of life (and in some circles it still is).

Unemployment was an abstract number, since the government could hire thousands at will (which they did). Some private sector businesses flourished, since there was relatively low unemployment, big salaries across the board, government gave out handouts whenever it wanted, and people were spending more and more on the Greek dream. That dream was based on money, not on values.

Greece was a pseudo communist state, and it's people lived a capitalistic dream with a firewall protecting them from the rest of the world. That firewall has liquidity and access to capital markets. When the firewall collapsed people started blaming others, from Greek and European politicians, to global technocrats, banks and money markets.

When the public is used on a certain political and economic model, it takes time for it to change. Take the recent elections in Greece: These were the first elections that people could not redeem their votes for favors. This was really important.

Greece is slowly transforming into a Western developing country. Change is happening, but people need to embrase the change. It will take time; but what is coming will catch up to what is going on.

Some of my past articles on the situation in Greece:

EU - Greece - hammer and sickle

The Greek financial sodoku

Short Selling the Greek Euro

How you can understand the Greek financial crisis with Twitter

EU IMF & Greece | New austerity plan for €110bn

The Greek Crisis - Imminent Social Dead End

Greece, a country change management case study

Greek media crisis

For all of you that read Greek, you can also have a look at my book: "The dictionary of Corruption" - Το λεξικό του Ρουσφετιού και της Κομπίνας.