The people of a great nation are left poor, as the oligarchs play on the Athens Riviera! What has happened to Greece? How has a once-proud nation, with a rich history and potential, descended into this miserable state?
As Greece is nowadays diving deep into Weimar Republic times, with poverty going hand in hand with painful national compromises that are in the pipeline vis a vis Turkish demands in the Aegean and the Eastern Mediterranean, in the mid-term one can expect anything from the humiliated Greeks.
The numbers from Eurostat’s 2024 report are indisputable and grim: While politicians spin tales of recovery and progress, the cold, hard data tells a very different story. Greece is now on a fast track to becoming the poorest country in the EU. And this may eventually have broader repercussions for Europe.
It is impossible to sugar-coat it: Greece’s GDP per capita is now less than 65 per cent of the EU average, placing it at the bottom of the economic ladder. Taxation is suffocating, purchasing power has hit rock bottom, and the economy is controlled by corrupt politicians who serve the interests of oligarchs.
What has happened to Greece? How has a once-proud nation, with a rich history and potential, descended into this miserable state?
The root of the problem is clear: A corrupt, inept, and self-serving political class that has systematically betrayed its own people. For over a decade, Greece has been trapped in a vicious cycle of austerity, high taxes and rising debt — all while the powerful few continue to flourish.
The latest Eurostat figures show that Greek households are struggling more than ever, with poverty rates climbing and disposable incomes plummeting. Yet, despite the worsening economic conditions, the government’s response is a mix of denial, deflection and more of the same destructive policies.
Let’s talk about taxation, the silent killer of Greek families and businesses. Greece’s tax burden is now among the highest in Europe and it is crippling the average Greek citizen. VAT rates, income taxes and social security contributions are sky-high, leaving people with little to no disposable income.
The government, desperate for revenue to pay off creditors, gives handouts to voters and sustains one of the largest state sectors in the EU, continues to impose punitive taxes on workers and small businesses, while the oligarchic elite remains largely unscathed. This imbalance is unsustainable and, quite frankly, immoral.
The situation is compounded by Greece’s terrible purchasing power. According to Eurostat, Greeks now have the lowest purchasing power amongst all 27 EU members, trailing behind even countries with far lower GDPs per capita.
At the same time, the cost of living continues to rise. Greeks have the highest housing costs in the EU, paying 35 per cent of their income just to have a roof over their heads. Energy costs are among the highest in the union. Fuel prices are the highest in the European continent as compared to the average salary. Even telecommunications are too expensive.
Greeks are literally going hungry. Food inflation is the second highest in the EU. Cartels rule the retail market. Greek products, like olive oil, can be found cheaper in German supermarkets than in Greece. And as wages have remained stagnant, the cost of living is eating away what little savings Greeks have and the hope of a better standard of living seems more distant with each passing year.
Mind you, modern Greeks are anything but lazy and laid back. They work about 2,100 hours per year, which is significantly higher than the European Union average of around 1,700 to 1,800 hours. However, they are left with less and less.
As for the image of growth and success that the government is projecting, it is mostly make-believe. Greece is not what you see on ads, billboards and roadshows. And at any rate, even when projects do pump money into the economy, this has very little to do with the average Greek household or small business.
Take the large-scale developments along the Athens Riviera for instance. They are primarily designed for foreign buyers and investors, not the local population. Luxurious resorts, high-end residential complexes and mega marinas cater to affluent international clients seeking second homes or investment opportunities.
The Athens Riviera is becoming an exclusive enclave for foreign wealth, rather than a place for everyday Greek life, with valuable coastal areas increasingly privatised and tailored to international tastes. As a result, property prices have soared, making them unaffordable for most Greeks. Notably, the whole project was awarded to one of Greece’s most powerful families.
This is what it all comes down to. The oligarchs are the real beneficiaries of Greece’s economic misery. A handful of powerful families control the country’s wealth, media and political influence. They are mostly into shipping, energy and construction. Greece is left with almost no industry. They are the ones who call the shots, not the citizens who vote.
As a rule, politicians, whether in power or in opposition, are mere pawns in this game, doing the bidding of the oligarchs in exchange for political survival and financial reward. Corruption within the political system is so deep that it has become institutionalised.
Instead of implementing policies that would genuinely help the Greek people, such as reducing taxes, cutting government waste and investing in education, public health, technology and infrastructure, laws are crafted to favour the interests of oligarchs, while ordinary citizens are left to shoulder the burden of Greece’s mounting debt.
What is even more tragic is that the current Mitsotakis government, now into its sixth year in office, continues to pander to the demands of international creditors and domestic overlords, rather than taking bold steps to address the root causes of Greece’s economic decline.
Austerity measures, which have already crippled the country, are still being pushed forward with no end in sight. The New Democracy administration, a Brussels pet student, has become the biggest fan of the Green Agenda and of sanctions on Russia, even at the expense of the Greek people.
It is high time that Greece’s political system was held accountable. Without a political class that will work for the people, Greece cannot hope to break free from the stranglehold of corruption and economic stagnation. Without a fundamental shift in direction, Greece will remain trapped in poverty, with its citizens becoming the poorest in the EU.
One could of course cynically ask: Why should all this really bother Brussels? Well, for those who care about history, there is an interesting pattern to be observed. During the last two centuries, many developments have begun from Greece, before spreading to the rest of Europe or beyond.
Greece was the first nation to declare independence from the Ottoman Empire, and the first to question the Holy Alliance. Greece kickstarted the 1912 Balkan War, which was the predecessor of WW1. Greece saw the first post-WW2 civil war. And Greece was the first Southern European dictatorship to fall, subsequently making its way into the EEC.
As Greece is nowadays diving deep into Weimar Republic times, with poverty going hand in hand with painful national compromises that are in the pipeline vis a vis Turkish demands in the Aegean and the Eastern Mediterranean, in the mid-term one can expect anything from the humiliated Greeks.
The last time this ancient nation found itself with its back against the wall, in 2015, it voted against an EU bailout, practically opting for a GREXIT, no matter how painful it would have been. Ten years ago that referendum result was ignored by the Syriza government under extreme EU and US pressure. Next time around, it will not necessarily be so.
It may be in five, or ten years from now. But if things do not drastically change in Greece, it is very much probable, and absolutely possible, that a national-conservative, hard-line eurosceptic and populist political force will eventually emerge and take over the country. The domino effect of a disintegrating EU may then start from the ruins of Athens.
Comment on our article
ALWAYS repost with an active source link.
The blog’s opinion may not coincide with the contents of the article. Our blog does not adopt the opinions of the columnists, nor does it identify with the topics it republishes from other informative websites and is not responsible for their validity, reliability and content.
Follow ellinikiafipnisis.com
at Facebook…
at Twitter
at Viber
at Telegram
at GAB …
share it with your friends too!
