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Surprise, surprise!

So goes the myth in Greece, too, that we had no public debt in 1974 (the day our junta fell). Which is of course true, but it had nothing to do with good management. Apart of poverty and inequalities we had nothing of everything else,too, (no roads, no electricity and drinkable water in many rural areas, no health system, no social security and low living standards).
And there is some kind of nostalgia, surprisingly not only by the hard right but also from some left intellectuals,too, for the 1953-74 period of the so-called high growth (but also high inequalities, junta and lame democracy).

Someone should open a diary on junta nostalgia by the periphery Euro elites.

"Eurozone leaders have turned a 50bn Greek solvency problem into a 1,000bn existential crisis for the European Union." David Miliband

by Kostis Papadimitriou on Tue May 10th, 2011 at 08:46:08 AM EST
[ Parent ]
As long as Franco was shut out of the International Community (up to ca. 1955) Spain was all about autarchy.

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Tue May 10th, 2011 at 08:54:07 AM EST
[ Parent ]
Someone should open a diary on junta nostalgia by the periphery Euro elites.
Maybe you could make that your first ET diary...

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Tue May 10th, 2011 at 08:55:32 AM EST
[ Parent ]
If you replace Greece with Portugal, it is exactly the same (even the year).

If we are forced to put gold (aka, "Salazar's gold") as collateral for extra EU "help", that will entail a massive narrative shift, I believe (from simple nostalgia to maybe active preference for the old times).

yuck.

by cagatacos on Tue May 10th, 2011 at 03:48:34 PM EST
[ Parent ]
National debt was no big issue in Sweden before ca 1980. Was it anywhere? I smell a shift in narrative.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Tue May 10th, 2011 at 04:36:16 PM EST
[ Parent ]
yup
For at least the last 30 years, and definitely since the Reagan/Thatcher revolution got going, a frequent mantra of right wing politics has been that "the state must be run like a private firm". In the Europe in the 1990s the right wing, enabled by third-way social democrats, managed the spectacular feat of structuring the Eurozone around rules that make it all but impossible to run the state in any other way, to the point that Zapatero now freely admits and preaches that the state needs to fund itself in the capital markets (or borrowing from other states) and that in order to access credit it has to be thrifty. So the fourth largest Eurozone member state must run its financial affairs just like a private firm, or a local government, and this is the message coming from a Social-Democratic leader. How the mighty have fallen.


Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Tue May 10th, 2011 at 04:38:59 PM EST
[ Parent ]

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