For years the world has watched Greece, the cradle of democracy, implode in protests and economic decline. Indebted Greece has long been ill-served by its political and business leaders, and lately beholden to creditors bent on austerity. And today when the Greek people go to the polls in a general election — if most pundits are right — not only Greece will change, but the ripples will be felt throughout Europe and globally.
Excerpt of an analysis by academic Theo Papadopoulos:
Syriza is poised to win by a large margin and this victory will end four decades of two-party rule in Greece.
Since 2010 – and as a result of austerity measures – the country has seen its GDP shrink by nearly a quarter, its unemployment reach a third of the labour force and nearly half of its population fall below the poverty line.
With the slogan “hope is coming” Syriza, a party that prior to 2012 polled around 4.5% of the vote, seems to have achieved the impossible: creating a broad coalition that, at least rhetorically, rejects the TINA argument (There Is No Alternative) that previous Greek administrations have accepted. In its place, Syriza advocates a post-austerity vision, both for Greece and Europe, with re-structuring of sovereign debt at its centre.
How significant is this victory for Europe and the rest of the world? Comments range from grave concerns about the impact on the euro and the global economy to jubilant support for the renewal of the European left. For sure, Syriza is at the centre of political attention in Europe. Click here to continue reading Why the Greek election matters.
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