In Greece the end of the summer holiday mean the beginning of the new season of wage cuts and austerity. Some decided to warn what would be awaiting those who made the decisions to push the Greek in deeper poverty and did so with a bomb outside a bank.
A trader in Greece gives Business Insidera grim assessment of the mood in the country right now.
Right now, I am afraid there is very little visibility regarding the political developments in the next few months. You might as well toss a coin.
At some point, however, I believe we shall reach some kind of
‘social tipping point’ regarding the ability of the Greek households and society to absorb more austerity measures, the consequential continuing steep decline in economic activity and ever rising unemployment. The result may well be social rebellion, maybe even civic mutiny and associated political and parliamentary instability. This is the the game plan that the neo-communists of Syriza have been preparing for over the past year or so and the one that they have actually reinforced whenever and wherever that was possible. Unfortunately, I cannot see a ‘good ending’ scenario, under the present circumstances.