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rfmcdonald[A]n uglier truth is that Greece is in a real a mess and even debt restructuring will not be enough to get its economy going again. Aside from facing a severe competitiveness problem and mass unemployment, its pension system is on the brink of collapse.
In addition, Greece is a country with a uniquely rapidly ageing population while many of its best and brightest young people are leaving.
The country also needs to undertake deep reforms in its public sector institutions whether it stays in the euro or returns to a national currency.
These are issues and problems which any government would have to face regardless of its ideological orientation, and surely will not be solved on account of Sunday's referendum.
“People are spending the money they have in the bank because otherwise they’re afraid they won’t get it out,” said Natasa, 33, a shop assistant at electronics retailer Plaisio Computer SA in central Athens. She asked not to be identified by her full name. “A Mac is something that keeps its value,” she added, pointing to a gleaming 27-inch screen.
It’s the latest chapter in five long years of crisis for Greeks as their government resists calls from creditors for more austerity in return for rescue money.
Greeks have pulled about 40 billion euros ($44 billion (U.S.)) from banks since December, when it became clear elections would be held and Prime Minister Alexis Tsipras’s Coalition of the Radical Left, or Syriza, was set to take power.
Daily withdrawals at cash machines have been limited to 60 euros since June 29, while credit and debit cards payments weren’t restricted. A shopping spree took place in the run-up to Sunday’s referendum, in which Greeks rejected more austerity, Antonis Zairis, vice-president of the Hellenic Retail Business Association, said in an interview.
“It was a short-term phenomenon caused by panic and threats,” he said, adding that he expects shortages on shelves in the next 10 days.
