There
is no shortage of viable plans for a departure from the eurozone or,
in some instances, the EU. All require a measure of fortitude and
adaptability–a willingness to step beyond what is, in fact, a very
uncomfortable comfort zone. The question is whether the Greek ethos
can rise to this challenge.
by
Michael Nevradakis
Part
5 - Grexit a first step, not a cure-all
Returning to
a domestic currency isn’t a panacea or a cure-all. The right
policies, and perhaps more importantly, the right attitudes must be
in place. Corruption must be rooted out. The judicial system must be
reformed and must work for its citizens for perhaps the first time in
Greece’s modern history. Learned helplessness and dependency must
be overcome. And the various banes of austerity, privatizations, and
high taxation are all just as possible with your own currency as with
the euro. To wit, privatizations in Greece began in earnest in the
early 1990s, a decade before joining the eurozone.
Nevertheless,
the debate must be opened. As evidenced by Varoufakis himself, even
the staunchest pro-EU, pro-euro supporter would be foolish not to
have a plan for a transition in place, for any number of scenarios
that might make an exit inevitable. Even if ironically, Varoufakis
himself excluded this “Plan B” from negotiations when he served
as finance minister of Greece. Yet these plans have been
systematically excluded from the public discourse in Greece and
internationally, and have never been used as a negotiating tool by
successive governments. It’s time this discussion was introduced
into the public debate.
***
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