Tag Archives: Philipp Roesler

Namaste Greece

Illustration by Manos Symeonakis

“Greece won’t become India,” Prime Minister George Papandreou apparently told members of his beleaguered PASOK party this week. Papandreou struck this note of defiance after the troika team monitoring Greece’s public finances caught the government off guard by asking for the minimum wage to be lowered or for collective contracts to be scrapped.

Papandreou’s comment prompted much mirth about him once claiming Greece should become the Denmark of the South and now having to fight to keep his country from becoming the India of the North. Others pointed out that, indeed, there was no chance of Greece becoming India because given the current deep recession, structural failures and stifling austerity measures, there is no way it could match the subcontinent’s dynamism — whereas the Greek economy is expected to shrink by 5.5 percent this year, India is growing at a rate of more than 7 percent.

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