“Greece remains terribly fragile economically and politically, and it remains a tripwire for deeper European and global economic and political turmoil. If it does not cease its unsustainable socialist ways, it will implode and set off a string of very unpleasant consequences internationally. And the Greeks will suffer enormously for their lack of economic self-control and self-discipline.” Via Forbes:
Before the Italian banking crisis and referendum, before Brexit … there was Greece. Greece’s debt crisis was really the first public crack in the European Union’s armor and one that has yet to be repaired.
Readers who want to understand why anti-EU sentiment and nationalism have developed in many of these countries don’t have to look at migration or other controversial topics. Simply look at Greece and how it has fared after adopting the EU’s austerity terms.
The Greek experience with austerity-linked financial support from the EU has been painful and—making matters worse—rather ineffective. While Greece is on the periphery, its problems are hardwired into the entire EU, and those problems are spreading.