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n ancient Greece, the birthplace of democracy, power derived from “demos,” the people. Well, the people of contemporary Greece have been reeling under austerity for five years, and have voted to put an end to it. In January, the anti-austerity Syriza Party was swept to power in national elections. Greece is a member of the so-called eurozone, the nations that joined together with a common currency back in 1999. Following the economic crash of 2009, the Greek economy was in shambles. In 2012, I interviewed economist and Syriza member Yanis Varoufakis, who is now
Greece’s minister of finance, and is at the center of the current crisis in the eurozone.
“Greece is going through its Great Depression, something akin to what the United States went through in the 1930s,” he told me. “This is not just a change of government. It’s a social economy that has entered into a deep coma. It’s a country that is effectively verging to the status of a failed state.” In order to stabilize the Greek economy, a bailout package was proposed, delivered by three institutions reviled in Greece as “The Troika”: the European Commission, the European Central Bank and the International Monetary Fund. In exchange for the bailout of more than $100 billion euros, Greece would have to impose strict austerity measures, including mass layoffs of public-sector workers and the sale of public resources, like government-owned port facilities.
For years, the main political parties in Greece accepted the demands of the Troika, repressing the resulting protests with police violence. The new party in power, “Syriza,” is an acronym meaning “Coalition of the Radical Left,” and Varoufakis, along with his colleague Alexis Tsipras as prime minister, wasted no time challenging the austerity measures.
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The global economic crisis has effected some countries a lot worse than others. Greece and Spain are these countries that have been effected a lot worse than many other European and Western countries. It brought them mass austerity, which lead to the population suffering, and the economy in many ways not recovering. The people of these countries first tried the pro-austerity right wing parties, when that did not bring the recovery needed, they moved to something else. They have been moving, and are moving to anti-austerity, and anti-capitalist parties. The economic crisis brought giant economic and personal hurt to many people in Greece and Spain but at the same time it has lead to the rise of parties that are trying to prove that another way is possible.