News Analysis: Much as a Caterpillar devours some of itself to morph into a Butterfly, Greece did the same. The pain its citizens experienced was the worst since World War II. The underlying problem, if one studies historical events for Greece, was “The Marshall Plan”. The largesse of the program removed the incentive to self-rely [as Japan did after the War] and instead look to government for aid. This hurt Greece from the 1940’s to the present. With others doling out monies, what incentive was there for industriousness? There was rampant tax evasion by some citizens. Rather than sitting around drinking Ouzo and quoting the Philosophers of old, Greeks really needed to use their intellect and develop international level businesses. The only semblance of such an activity has been with Greek ship owners and their fleets. The hard work of: Fafalios, Goulandris, Karageorgis, Lemos, Niarchos, Onassis, and other Shipping families put the ‘Greek Stamp’ on the world.
Today, the adjustments by the Greek government are turning the situation around in terms increased Foreign Direct Investment [by the likes of foreseeing John Alfred Paulson, and others]. Now it is up to the Greek people to forget the ‘handouts’ by the government; and instead rely on their intelligence and intrepidness for commerce to flourish in Greece.
May the wisdom of Athena be with them.