My Lengthy Greek Post Script

A week ago tonight, Ariadne and I were in Constantinople and visited Ayia Sophia Cathedral. Of course, this morning I attended church in St. Sophia Cathedral in Washington. Two Sundays in a row at an Ayia Sophia is pretty good.

Church this morning was nice, but the reminder of the other Ayia Sophia made me wish I was still on vacation. As did the folks at coffee hour who asked me to reflect on our trip, especially on being in Greece during the crisis.

As you recall from previous blog posts, even amidst the crisis Greece was fantastic. I continue to wonder if that sentiment is me being myopic, or a manifestation of the Greek spirit?  It's likely both, but more so the later. As one fellow Bank of Pireas queue member said in Kyparissia, 'to be Greek is to put up with hardship and challenges; we've done it before and we'll do it now.'  Despite 25 percent unemployment and 50 percent for young people, closed banks, billions in debts and acrimonious relationships with countries they are literally bound to and allied with, Greeks and Greece endure but also hopefully thrive.

Thrive is the key word. Greece and their partners came to a deal as we were leaving Athens, and a week later the Parliament approved it despite some violent protests in Syntagma Square (according to the Greek press that was a mild violent protest in comparison to others, and there were no major injuries). The protests weren't that significant actually. What is significant is that the Parliament approved an austerity package that just a week earlier had been rejected by the 62 percent of Greek voters.

Unpopular is one thing. If they were solutions with a proven track record in a country like Greece, and that will help Greece thrive, who cares if they are unpopular? The problem is austerity never works, at least if your goal is economic growth. The simple summary is in the U.S., President Obama and Democratic Congresses rejected austerity, increased spending and the U.S. economy grew and unemployment is now down to 5.3 percent. Europe led by Germany did the opposite and the entire continent's economy (save Deutschland and the U.K., where they DON'T use the euro) is stagnant at best with very high unemployment rates in most eurozone member countries.

But they did bail out the German and French banks who lent Greece the money.  So at least the Germans and the banks are happy!

Unfortunately, Greek Prime Minister Alexis Tsipras and theh Greek Parliament had to agree to the latest austerity deal put forth by Europe. They needed the money to open their banks and thus allow their citizens to have at least some level of financial certainty.

Another factor behind the ratification of the deal is that Greeks want to stay in the eurozone, for a number of reasons. Politically, Greeks believe in a united Europe. Economically, they hope that one day soon Europe (not just China or Russia) will start investing in the Hellenic state and spur actual growth. Finally, and egotistically, it bothers Greeks that their nation, a sophisticated, modern (far from perfect) democratic state that gave the world the word for and concept of Europe would not be in the eurozone while lessor countries like Bulgaria, Latvia or Romania would.

Though austerity is terrible with a track record of being terrible, some of the reforms foisted on Greece are necessary. Trimming the size of the Greek government bureaucracy is overdue; the cronyism in hiring, and the corruption that comes along with it, has to end. Increasing the retirement age to 65 makes sense (though the deal with Europe increases it to 67), and privatizing some enterprises and increasing competition does, too.

Of course, though I'm not an expert I have two ideas of my own. If you go to Greece you'll notice two things during your stay.  One, everyone is friendly and seems to get along great with everyone - their neighbors, strangers, tourists, etc.  Filotimo, the Greek love of honor, is alive and well. Two, there is wifi all over Greece.  Ask Ariadne; the wifi situation in Greece is remarkably good (except in our χωριό: that's one reason to go to Spilia of course).

I believe those two strengths could be used to help Greece.

If I could have my dream job right now, it would be to raise a few million dollars and help advance or deepen civil society in Greece. The filotimo is there; I think Greeks would want to work with their fellow Greeks. But civil society, do it yourself/punk rock, citizens groups -  everything from Habitat for Humanity to the Sierra Club to the Junior League to Alcoholics Anonymous - are not as strong as they could be or need to be in a democracy.  Too often Greeks only look to their political parties for any kind of civic activity, which of course feeds into the cronyism and corruption. Again, the filotimo is there. Greece just needs more citizens groups to help fully utilize all that love of honor.

I could be completely wrong about civil society - though I know they do not have a Sierra Club that organizes hikes, happy hours, and grassroots lobby days in the capital. But I know for a fact that one thing Greece needs is more cash registers.  That's where wifi comes in.

Here in the U.S., where the hipster start-up economy is everywhere, iPad's and iPhone's often act as cash registers.  When I go to a food truck or the coffee shop near my office I use a debit card to pay, a tattooed cashier swipes it on their iPhone or iPad with a little attachment, and they email me the receipt.

Ah, the receipt.  It includes your order plus that magic wand, your sales tax. Greeks, both individuals and businesses, are notorious for not paying their taxes. And the Greek state is broke as a result of too many obligations and not enough tax revenue.

In at least a third of the shops and restaurants we patronized in Greece they did not have a cash register. Instead, merchants or waiters made change in old fashioned lock boxes, envelopes, fanny packs, or in apron pockets.  And those stores did not give out receipts.

Since there is so much wifi in Greece, why don't Greek banks emulate our start ups/hipsters and give each of their commercial customers an iPad? That way every business in Greece will have an on-line cash register. Greek citizens already pay many of their bills via ATMs and kiosks so the card culture exists. Greek banks can complete the deal by making sure that every citizen in the motherland has a debit or ATM card or better yet a credit card. A majority of Greeks sstill do not have credit cards.

It was shocking to see how many businesses in Greece appear to be off the grid and not tied electronically to their bank via a cash register. I have no idea if any of these off-line business pay any taxes but the safe money is they are paying way less of what they owe, if they pay taxes at all.  Making sure each business is online with a cash register that takes ATM or credit cards, linked to a bank, should increase tax revenue significantly thus helping the Greek state pay it debts and fulfill it's financial obligations and responsibilities.

Best of all, both of these ideas should be doable thanks to a very educated and motivated Greek populace.  More than 36 percent of Greeks have a college degrees, a higher percentage than here in the U.S.  Greeks are educated but they need opportunities to use those smarts.  A robust civil society and entrepreneurialism, aided by a electronically linked iPad cash register, should help.

Thanks for reading this lengthy post.  Let me know, particularly if you are in Greece, if any of this makes sense! Τα λεμε!

Report from ground zero: Athens

Our second to the last destination on our jaunt through the motherland* is Athens. For centuries, this city was the center of the universe and if you have been following the crisis, it is again!  At least it has been to the press.

As you may recall from previous posts, we did not really notice the impacts of the crisis in Thessaloniki, Crete, Messinia or Nafplion.  I assumed we would in Athens, Greece's largest city full of pensioners and protesters.

Only we haven't.

Even in Athens the tourist bubble is still intact: cash comes out of the ATMs; most places take credit cards; the streets are filled with tourists; the beautiful (that's the word for it) Athens Metro is clean and orderly and normal. Additionally, during a walking trip into a residential neighborhood near our hotel I found the mini mart full of food, a larger market also fully stocked, and a vegetable stand bursting with produce.  Even the graffiti, which mars large parts of Thessaloniki, is relatively mild here.

Granted, neighborhoods outside of downtown probably aren't in as good a shape, and there are many store fronts whose only sign is 'ενοικίαση' - for rent - but in general Athens seems to be in decent to good shape.

There definitely seems to be a disconnect between the press and the facts on the ground.  For instance, the day after we saw a report on the BBC on the dire shape of the Monastiraki flea market we went there, and found it full of opens stores, merchandise, and tourists. Later that night we saw the BBC reporter on the square behind the Acropolis Museum but resisted the urge to ask about his coverage.

Or maybe I am simply too ensconced in my tourist bubble but the Athens and Athenians we have interacted with has ranged from awesome to normal.  I hope that our experience here is less me being insensitive to folks who are suffering and more that H Ελλάδα ποτέ δεν πεθαίνει! Greece will never die!

I'll wrap up this post with a quote from Chuck D: don't believe the hype, and come to Greece if you can!**  Τα λεμε! - Αthan

* Of course, we wrap up our trip outside of the motherland courtesy of a 20-hour layover in Constantinople. But since my dad's family is from Anatolia it counts.
** The second part of that quote was NOT from Chuck D.  I believe that was Flava Flave.

Notes from Nafplio

As Ariadne and I head into the home stretch of our 15 trip through Greece we are starting to see some of the impacts of the crisis. You may recall that in our tourist bubble things have been great - but things were also pretty good when we ventured  outside of that bubble.  During our visit to my mom's home region of Messinia - which is not a tourist destination by any stretch though it has some great sites and beaches - we found ATMs full of euros and stores and shops full of food.

Here in Nafplio, an incredibly charming coastal town that like Crete should be on every itinerary if you visit our motherland, two merchants asked me to pay with cash instead of credit cards.  Both offered discounts for paying with euros, and both said Greek banks are starting to warn store owners they may run out of money if a deal is not struck soon.  The American banks behind my credit and ATM cards will reimburse the Greek banks instantaneously according these store owners; Greek banks will not do the same to local merchants out of fear.

We head to Athens in 24 hours so may see more signs of the crisis soon.  But for now, other than two merchants asking for script, Greece continues to function and be the greatest of destinations.

Να' τα πουμε! - Athan

Witnessing History

As Ariadne and I prepare for our trip to Greece, this weekend provides an interesting hinge moment for both my two nations.  The short and accurate take on things is America continues to get better, towards a more perfect union, while things in Greece are somehow actually getting worse.

And that phrase from the Constitution is a succinct reminder why America is America and Greece is Greece.

The legalization of gay rights in all 50 states, a lightening bolt of civil rights from the Supreme Court, is another example of what makes America America: citizens organizing and striving for their rights in a democracy, and believing they can win because of our democratic institutions.  They did, and they won at the highest court in the land.

Greeks, on the other hand, have neither the belief that their democracy works nor that their institutions are just or that they can win.  There was hope that PM Alexis Tsipras would be a little different but he seems to lack political skills and has completely overplayed his 'hand.' As soon as he took office he started to negotiate via blustery press releases and press conferences. Instead of saying, 'look, I know we messed up but the big question is what does Europe do with Greece now'  Tsipras has done the opposite for 4 months. That attitude seems to have played into the hands of Eurozone hardliners in Germany who obviously have no sympathy for the Syriza government.

But Europe should have sympathy for the Greek people.  But they don't.

I imagine the only solution is for President Obama or Treasury Secretary Lew to call German PM Angela Merkel and say "Cut Greece some slack. Your banks have been reimbursed and there is no reason to be putative. After all, Germany should remember what happens when you rob a nation of it's dignity and ruin it's politics. Bottom line: the US does not want a NATO ally being driven out of the Eurozone and into the arms of rogue like Putin or China."

Hopefully that will happen. And in turn Greek voters will demand institutions that serve the public good and the Greek political class will show some patriotism, pay their taxes and stop stashing their money in Switzerland (like Nazis, climate change-loving sheiks and other ne'er do wells).

And Ari and I will have a front row seat. We will be in Thessaoloniki on June 30, the day Greece may default, and in my mom's hometown village on July 5, the day Tsipras wants a referendum on the Eurozone deal.

I'll try to blog as often as possible, looking back at a country that continues to strive to be more perfect while typing from hotels in a nation just trying to survive.

A few more notes:

• I'll never understand the opposition to gay rights or gay anything.  Until it's mandatory gay marriage, what is there to get fired up about? The small-minded opponents of gay rights often say that that community is outside the mainstream, but that's exactly the opposite.  In my lifetime gays have only asked for mainstream American rights: join the Boy Scouts; openly serve in the Armed Forces; get married.  Who are these weirdos?
• As I blogged before, Greece needs to be more like America. Instead of looking towards Russia or China what Tsipras should really do, if Greece is forced to leave the Eurozone and into a Grexit with drachmas, is ask for a TPP-style trade pact with the US.  It could be a play at regional stability in the shaky, ISIS-haunted eastern Mediterranean that links the economies of Greece, Turkey, Israel, Lebanon, Jordan and other countries that are democracies. Greek olive oil could completely dominate the US market! I'm not an economist but seems like a good idea, right?

Republican Paradise?

One reason most Greek-Americans will likely vote for Barack Obama – again I might add; most surveys from 2008 showed more than 60 percent of Greek-Americans voted for Obama - is the way Mitt Romney, Paul Ryan and Republicans everywhere compare the Obama Administration’s spending and economic policies to the current crisis in the motherland.

“If the President gets reelected we’ll end up like Greece” they shriek (of course, many of us still think some things in Greece are worthy of emulation, but that’s another matter).

But modern Greece should look like a paradise to Republicans, especially ones like Paul Ryan who idolize Ayn Rand.

As you know, Rand’s central philosophy was that enlightened selfishness and hyper individualism was the best way to build a modern society, and she rejected collective - especially government - action and programs. 

In Rand’s idealized society, it’s every man for himself. Do not help others; they will eventually crawl their way out of the mire, or perish (either way, taxes stay low!).  Small government, anti-tax Republicans love her - even though she was an atheist.

So to the modern Republican Party, ‘Greece’ is shorthand for ‘bad’ and ‘failure’ and Rand is simply fantastic.

But the current situation in Greece is as much a failure of Ayn Rand-like thinking as it is a failure of an over-leveraged nation state.

In Greece, the political and economic elites have always operated under Rand’s central principle of every man for himself.  Consider:

 

• Wealthy Greeks do NOT pay their taxes.  Republicans don’t want to pay taxes, so they’d love Greece.  
• Greek elites such as judges, politicians and regulators always put themselves and their economic self-interest above all else. That’s why bribes are a way of life in Greece. Bribes are seen as a way of increasing your individual wealth rather than seen as weakening the public’s confidence in the nation state or government institutions and accountability.  I got to get mine! Who needs public confidence in the nation state anyway?  Not Republicans. Once again, for the GOP Greece should be the word. 
• Instead of hiring legal, Greek workers, economic elites love to hire and rip off illegal aliens.  Hiring illegal aliens and paying them in cash, off the books and without receipts epitomizes enlightened selfishness. Why pay someone legally, pay taxes and fees on income, or contribute to building a Greek middle class by using union labor when I can save money by hiring (and intimidating) an illegal alien who will work for peanuts?  The bottom line is more important to Ayn Rand Republicans - and Greek business leaders - that building a middle class or certainly unions. 

Those are just 3 examples of why crisis-ridden Greece is a Republican paradise - and the main reasons why Greece is in such trouble.  Maybe the insults will stop. 

Or worse! Maybe folks like Paul Ryan will move to this unbeknown Randian paradise know as modern Greece.

Back? On Track for Greece

On one of my earlier blogs about the Greek crisis, I semi-cynically observed that though it's bad news at least Greece is back IN the news.  Over the course of the last 3,000 years or so, Greece was usually at the center of the universe, making news, setting the agenda, etc.  In modern times, however, Greece has not been as relevant or newsworthy.  Of course, that changed with the crisis. 

But I lament even saying that with tongue in cheek. Being in the news for a devastating financial crisis is certainly not a silver lining to no longer being an afterthought.  

Every Sunday lately, and yesterday was no different, there have been long stories about what Greek society looks like now in the wake of drastic government cuts, EU imposed austerity, and a stagnant and shrinking economy.

Sunday's New York Times article on Greece - saying the motherland is basically a failed state - was much more depressing that last week's New York Times Sunday Magazine story on 'How Greeks Live Now.'  The latter article at least included some hopeful signs of economic growth and Greek dignity, whereas the former features a photo of a husband and wife literally on the ledge of a building, contemplating suicide in the wake of cuts and uncertainty about raising a child in modern Greece.

We've gone from inventors of western civilization to guinea pigs for austerity and growth, with an 1100 year run of the Byzantine Empire and 400 years of Ottoman rule in between.  Who can match that roller coaster? 

Anyway, most of the recent news has been tied to this week's bailout that will allow Greece to avoid default.  That announcement on Tuesday, coupled with the earlier debt negotiations that resulted in private foreign banks agreeing to only collect 50 percent of what Greece actually owes, is supposed to signal the economic rock bottom, the end of the beginning.  Now, with Greece's financial situation and debt repayment schedule 'organized,' and with representatives of the troika given a permanent oversight role in Athens, growth and foreign investment is supposed to follow.

But it's hard not to be cynical about what comes next.  When this week's bailout was announced, the International Monetary Fund's Managing Director Christine LeGarde was quoted as saying the bailout and debt restructuring "should really give enough space for Greece to restore its competitiveness ... so .... it can get back on track.”

"Back on track" - when was Greece on track, economically?  Was she pointing to .... what?  I guess there was a golden age, right before Greece adopted the euro (or the era between joining the European Union in 1980 and the adoption of the euro currency). With the drachma Greece at least had some flexibility, western tourists flocked there to take advantage of the favorable exchange rate, and the world economy was still humming so Greek shipping was doing well.  Tourism and shipping, with some agriculture mixed in, is how Greek's earn real money.

So it's both cynical and ironic that one could argue for Greece to really get 'back on track' and 'restore competitiveness' they would have to go back to the drachma.  That would make Greek shipping, tourism and yogurt cheaper and more competitive.  Of course, doing that would in theory collapse the euro and eurozone, throwing Europe's economy - not just Greece's - into a momentary yet significant tailspin.

I hope Greece can pull it off; as all Greek patriots will point out, the nation and culture have faced greater challenges in the last 3,000 years.  But when we do, it probably won't be by getting 'back' on track.  Greece's saving grace is that it has very educated and very European-focused young people who will get involved in the recovery and can hopefully lead the motherland forward, not back.

Democracy should trump the market

Another great piece today in the Post by Harold Meyerson on how democracy should trump markets but hasn't in Greece - or in the U.S. for that matter.  Take the 2008 bank bailout.  If that had been truly little 'd' democratic - of course it was done by a big R Republican - Congress and the White House would have insisted that one condition for receiving massive amounts of taxpayer money was to write off 50 to 75 percent of the bad mortgages.  That way taxpayers would have tangibly benefited from helping the banks instead of simply being told these institutions were 'too big to fail.'

Robert Reich recently wrote a great column on democracy over capital, too.

In Greece, the issue is the actual euro and the euro zone.  Lost in the drama in Greece and the pending one in Italy (and Spain, and Portugal, and . . . ) is just how flawed the euro zone is, how badly that monetary 'union' has been put together.  Ironically, Greeks want to stay in the euro zone but also keep their economic sovereignty, which seem to be mutually exclusive.  

If the euro is to survive countries like Germany and Greece, France and Italy, need to integrate their economic and taxation policies - and in Greece's case, start collecting taxes - not just their currency.  

As Meyerson points out: "The euro created a house divided against itself. Monetarily, the continent was unified, but fiscally, politically, governmentally, economically and culturally, European nations remained separate and sovereign."  

I wonder if Greeks understand that in order to keep the euro they will have to give up their sovereignty.  Or maybe they do; Greeks have been so under served by their political class they may be willing to give Germany's or Brussels' bureaucrats a try.

Greek Tragedy (Cliche)

Where to begin when trying to assess the worst week in Greek history since when? The fall of Constantinople in 1453?  

Probably better to compare the week's chaos and tragedy - yes, two Greek words - to the junta that took over Greece in 1967 and ruled the birthplace of democracy as a dictatorship for seven years. 

The junta is an appropriate jumping off point since one can argue that those seven years were the last vestige of 'old' or more appropriately 'schizophrenic' Greece,  a nation and identify that vacillated between the middle east and Europe, between a western, classical identity and an eastern, byzantine/ottoman one, between the efficiency, transparency, accountability and meritocracy of the west and the nepotism, bribery,  irresponsibility and shaddy deals of the east.

But the junta and it's failed attempt to stamp out modernity and western culture - everything from the welfare state to the Beatles - convinced Greeks to finally join the west and cast their lot with Europe. A referendum outlawed the monarchy, divorce was legalized, Constantine Karamanlis was re-elected prime minister, and Greece re-applied to join the European Economic Community (as the European Union was called back then) soon after democracy was restored in 1974.  

It was a triumphant moment for Karamanlis, who was prime minister in the late 1950s when Greece originally applied for EEC membership.

Greece was accepted into the EEC, and the biggest event in modern Greek history occurred when Greece became a full member of the then 10-nation European union in 1981.  It may sound weird to think of Greece as anything but European since the motherland founded western civilization - and Greece was a founding member of NATO and was rebuilt by the Marshall Plan - but it wasn't until 31 years ago that that 'officially' happened. 

Of course, it took a while for that notion to take hold.  For instance, in 2005, as our cab driver drove us from the new Venizelos Athens airport to our hotel near the Acropolis he pointed out the 2004 Olympic Stadium, bragged about the airport and highways, and said to me "we are really European now."

And while parts of Greece became modern, parts of it stayed mired in the old, eastern ways, where bribes were necessary to get things done, and the political class rewarded their own and only Greeks with connections got the good jobs or got ahead. 

Ironically, that post-junta European identity is likely the only thing that will save Greece now.  Polls say that 60 percent of Greeks oppose the bailout, but 70 percent want to stay in the Euro zone.  Staying in the Euro zone means Greece will get their latest bailout.  So unlike during the other crises - in 1453, the Pope and the Christian west failed to save Constantinople and the Byzantine Empire from the Ottomans, and in 1967 and during the junta, the U.S. government put up with the dictatorship and did NOT press for a return to democracy - the west will probably save Greece.

But nothing in Greece ever seems to be easy - but it is interesting and full of flawed characters.  

Prime Minister George Papandreou (California born, Minnesota bred, FYI), whose father founded the socialist party he now heads, came into office in 2008, winning that election with an Obama-like margin and optimism.  

 

However, when George Papandreou took office, he discovered that the previous government, headed by the nephew of Constantine Karamanlis, had cooked the books, hidden massive amounts of debt, and basically lied to the European Union in order to join the Euro zone.  The Greek welfare state, which was dramatically expanded by George Papandreou's father Andreas when he was prime minister in the 1980s, had to be cut by his son.

George Papandreou had almost pulled it off, securing 8 billion Euros in the most recent bailout and an agreement to write off 50 percent of Greek debt.  But tragedy struck as it always seems to do in Greece, with Papadreou calling for a referendum, claiming that in a democracy the public should be allowed to vote on the bailout - and the cuts to the welfare state that go along with it.

As I wrap up this blog post I realize that we - Greeks and Greek-Americans - should have seen this coming.  This tragedy is so consistent with the rest of our 3,000 years of unmatched history (of course, if Greece takes down the Euro and the world economy, that historical legacy won't buy us the good favor it does now!).  Our history is our pride and our curse.

For instance: 

• We invent democracy, but the prime minister's decision to have a vote on the bailout threatens to unravel the deal - and cost Greece 8 billion Euros.
• We used to be torn between the east and the west, now the Greek public is split on Europe: pro-Euro zone, but anti-EU bailout and mandated cuts
• The nephew of the prime minister who helped Greece join the European Union in 1981 lied to the European Union in order for Greece to join the Euro zone
• The son of the socialist who expanded the welfare state has to dismantle it.
• (and while we're at it, since the days of the Trojan War Greeks have always enjoyed tricking people; maybe that's one reason half of all Greeks don't pay their taxes)

Greece will survive, it always has against bigger problems. But hopefully, Greece's political class will not.  Greek society needs to finally break with the worst vestige of the east: the oligarchy, in Greece's case the oligarchy of Greek political families like the Karamanlis and Papandreou dynasties. 

Greeks need to believe in themselves, in real grassroots democracy and civil society, in the common good, in laws and not in political classes or families.   The rejection of the junta led to a great leap forward in Greece.  Let's hope this crisis will end the junta of the Greek political classes and families.

A Few More Hellenic Notes:

Of course, Greek political families are only part of the problem. And there is no guarantee that an 'outsider' prime minister would not have done the same thing in terms of expanding a bloated welfare state or cooking the books.   

Why? Because a massive Greek government and public sector has always been a key factor in cobbling together the modern Greek state over the last 180 years.  

Greece's current boundaries were only set in 1947.  From the birth of modern Greece in 1828, to 1947 and beyond, a strong and active central government was seen as essential in absorbing and assimilating ethnic Greeks - who used to live as subjects of the Ottoman Empire, or on islands that were part of the British Empire or belonged to Venice or Italy - into the new modern Greek state AND fostering a modern and independent Greek identity. 

Remember, up until 1828 there had never, ever been one, united Greek state or empire.  Alexander the Great kind of did that, but it didn't last.  Some argue that the Byzantine Empire between the 6th and 12th centuries was the first Greek state or Greek empire, but they didn't even call themselves 'Greeks.' Though they spoke Greek, since they inherited the Roman Empire they called themselves 'Romiosini' - Greek for 'of the Roman Empire.' 

Anyway, in order to build this modern Greek nation state it was felt that a strong and active central government - that would do everything from collecting taxes, to building an army to confront the Ottoman Empire and take back Constantinople, to resurrecting and stressing the link to classical Greece, to cleaning up and standardizing the modern Greek language - was needed.

That belief was shared by all Greeks, whether they were royalists or democrats.  That consensus never changed, and the government got even bigger once Greece joined the Euro zone and was able to borrow billions to maintain such a large government sector.  And borrowing money became easier than collecting taxes from wealthy Greeks, but that's for another blog.   

Finally, two last items.  One, good to see that a unity government will finally be formed between New Democracy and PASOK to show the markets and the EU that Greeks CAN work together.  That happens so rarely that most of those instances are national holidays like last week's OXI Day.

And two, in my opinion one thing that has always gnawed at the Greek psyche is our lack of stature in the modern world.  From 40o BC to 1453 we were the center of universe in many ways.   But since 1828 we've marginal at best.  

Greece has overshadowed the G-20, Herman Cain, you name it.  And today's confidence vote in parliament will be the lead item on newscasts across the globe.  So at least we're at the center of the world again!