Tag Archives: Greek financial crisis

Come back to reality

“I won’t commit suicide. I’m not crazy. I’m going to eliminate one of you” said a desperate middle-aged man to Greek Health Minister, Adonis Georgiades during the latter’s visit to the Thessaloniki International Fair.

The Minister is giving him an advise. “Calm down. Come back to reality. Problems do not get solved in one day”. And Rome wasn’t built in one but that’s irrelevant. The man had used his life savings to buy Greek bonds which have recently been severely cut because of the Greek “haircut”. Thousands like him are desperate, having trusted their life savings to a betraying State that is now calming them down and calls them back to reality. Blend despair with injustice and you have anger.

Some other thousands have been less angry, they have only been desperate. Extremely desperate. Fresh reports quantitatively show a dramatic rise in suicides. The Greek Statistical Authority announced that suicides have gone up in 2011 – 26,5% compared to 2010 and 43% compared to 2007, the year before the Greek crisis broke out. At the same time, NGO Klimaka, that deals with suicides and runs a 24-hour hotline, added that the actual number of suicides is much higher than this.

According to an EU-wide study researching data for the period 1970-2007, every 1% of rise in unemployment results in a 0,79% rise in suicides. The projection is geometric. If unemployment rises by 3%, suicides rise as a result by 4,45%.

Unemployment in Greece was below 10% before the crisis. It is now about to reach 30% without any visible prospect of recovery on the ground. Now do the math.

The Greek Run

Here’s how the upcoming Economist front page looks like. Not scaremongering at all.

The Economist’s cover (19-25 May 2012)

Souvlaki is still king

Here’s an excerpt of “Souvlaki is still king despite crisis”, an article I read  recently at ekathimerini.com . Another example of an industry which turns this crisis into an opportunity (another example is the porn industry and Johnnie Walker whiskey). Anyway, here’s the excerpt.

Souvlaki with pitta bread

Souvlaki, the undisputed king of Greece’s street food, has yet to feel the bite of the debt-wracked nation’s financial crisis.

Despite a steady drop in the country’s fast-food business since 2009, when the debt crisis started to unfold, the number of souvlaki joints, known among locals as “souvlatzidika”, has actually grown, Kathimerini understands.

Greeks reportedly consume an estimated 3 billion souvlakia, comprising small pieces of meat grilled on a skewer, every year. Greeks reportedly spend a total 2.5 billion euros on souvlakia per year.

Between 1992 and 2008, the local fast-food industry grew at an average of 15.2 percent each year as souvlaki, pizza and snack/sandwich shops proliferated and armies of food delivery bikes roamed city streets.

You can read the full article here.