Vincent Fernando, CFA
Tuesday, June 29th, 2010
We’d venture to guess that Greek communists are more receptive of Keynesian rather than Austrian economists right now.
The key Greek port of Piraeus has been rocked by fresh anti-austerity demonstrations, choking economic activity.
The Associated Press reports that the key port of Pireaus has been choked by hundreds of protesters backed by the Communist Party and labor unions. They’ve prevented tourists and Greeks from boarding ships bound for Aegean islands, despite their protest being illegal.
A similar strike by two seamen’s unions last week — which was also declared illegal — left thousands of travelers stranded for a day in Piraeus. Shipping companies and officials in Greece’s vital tourism industry strongly criticized the government for not taking action to stop the strikers.
“They want to put us in a straitjacket so we work for free all our lives so that some can have their wealth and get very rich at our expense,” said Sotiris Poulikogiannis, a protester in Piraeus. “We don’t accept this. Day by day we’ll grow stronger and more aware of how to overturn this situation.”
There are obvious economic damages from this action, but the larger question is — Is Greek democracy at risk?
How far will Greeks go to oppose austerity, and in what numbers? After all, it wasn’t too long ago that Greece was ruled by a military junta. Would a Greek majority fall into the hold of a strongman if he offered an alternative to paying down debt and fiscal austerity?
This article was posted: Tuesday, June 29, 2010 at 3:15 am