February 13, 2012

Can Greece’s financial issues develop into an outright Revolution?

People of Greece are utterly tired of these austerity measures that are being imposed on them on a regular basis. Today at the night of 13th February the Greek Parliament passed further austerity measures. These austerity measures were demanded by the EU and IMF. Passing the austerity demands by the EU and IMF guarantees Greece a further 130bn € rescue package. This was a very significant vote and the people of Greece were protesting against this decision. These protests marked some of the most violent protests in years. Policemen are accused of using flash bangs, teargas and even stones. Police is even accused of infiltrating within the protests to make peaceful protests appear violent. Thus the police is being accused of using dirty antics and unnecessarily harsh force.

Austerity measures will translate into: 15,000 less public sector jobs - 20% reduction in minimum vages to 600€ per month.



The violence has been very intense. There have been reports of teargas being thrown into the metro. People have been reported to have suffered problems in breathing. Further - elderly people have also been reported of being beaten by the police.

These videos prove that the protesters have also been violent.



Reading comments by ordinary Greek people over the social media there really comes a feeling of despair. Greeks blame the bankers and they are unsatisfied with their own government. People are calling for easy answers for these difficult questions. Slogans such as revolution and no to the EU and IMF are being shouted.

It is quite clear that the Greek state is in serious trouble. Legitimacy of the state is seriously threatened by its people. Not only is the state being threatened by its people, but also from the outside by the EU and IMF. The question is how long the state will be able to tackle these inner and outer threats. In theory, no state ought to survive the loss of legitimacy of its own people.


If Greece truly falls into the chaos of a revolution it will not only be a Greek issue. Significance of the Greek situation is going to be huge. If Greece falls into chaos it will translate into a huge blow to globalization and the current global financial system. Greece is just not any Zimbabwe it is a country within the core of the EU.

The question is…..if Greece falls will others follow and will the unrest spread?

Greek Parliamentary elections are set to be held in April 2012...

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