16 April 2012

Kostas Bakoyannis: Greece must stay on the side of Europe

Greeks are living through their fifth year of continuous recession. Since 2009, Greek GDP has declined by approximately 20 per cent. An unprecedented experiment in modern economics is taking place in the country, where leaders are purportedly attempting a policy of internal devaluation to dramatically curtail public spending, reduce labour costs and reform the structure of the government and the economy.

The unimpressive reality of these "reforms" reflects an even harder truth about Greece: that its primary problem is not economic, but political. My country is suffering from a profound crisis of leadership.

Greeks appear torn between two conflicting and contradictory sentiments. The majority desires to remain in the core of the European Union and the eurozone. But public rage against Greece's paymasters in Brussels and Berlin, and their bailouts and economic orders, is widespread and growing.

Whether Greece will survive the crisis in the short term will not depend on economic growth or fiscal progress alone. The country's revival will depend on whether a pro-European majority prevails in next month's elections. Only a pro-European government will be able to form a lasting coalition, build international trust, enforce the rule of law and proceed with the necessary reforms.

Greeks have always been on the right side of history. We have stood at such dramatic crossroads before, in the 1920s, '40s and '70s, but each time the reasonable instincts and common sense of the Greek people carried the day. Greek society has tremendous potential. I am convinced that it will not be squandered, because it cannot be squandered. Greece's economic recovery is at stake, but so is its stability and European direction.

Ordinary Greeks understand this. Let's just hope they make it to the polls on May 6.

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