Considering the events of the past several months and previous years, it should come as no surprise that in addition to democracy, Greece is also the mother of drama.
Spinning its Wheels
The never ending Greece crisis has been a source of drama for months now, first economic meltdown, then parliament failed to select a new president, opening the door to new elections. Seizing the opportunity, the left-wing anti-austerity Syriza party took 149 out of the 300 parliamentary seats and joined with the conservative Independent Greeks to form a the new government. Perfectly logical in Greece perhaps, but the reasoning behind this combination of opposites is their hostility towards the European Union and the imposed austerity measures.
Immediately after, the new Prime Minister, Alexis Tsipras, who had promised to refuse additional austerity measures, held a referendum on July 5 that asked if Greece should accept the new bailout and austerity measures coming with it. Over 61% of the people voted no. So much for democracy, as soon after that, the government ended up agreeing to a new loan with heavy austerity measures attached to it. This was not only good news for the EU as well as Euro, but also for the U.S., which relies on the EU both militarily and militarily.
Alarmist Media Coverage
The bailout allowed Greece’s stock market to open again on August 3 after being closed for five weeks. As expected, it dropped fast and hard, closing down by nearly 17 percent at the end of the trading day. The rest of world however just shrugged and went about its business as turmoil in that region is so commonplace at the moment that most investors have pulled out.
The media however is not quite so willing to let go. Most articles are still full of alarmist words and predictions of global chain reactions. While the media needs to make things sensational in order to generate interest, they do not really need to worry, as Greece will no doubt continue to deliver material suitable for this kind of dramatic reporting for a long time. It is also highly likely that the crisis is not yet over, but rather delayed for another year or two unless a permanent solution emerges in the meantime.