A Greek Revolution?

Greek President Karolos Papoulias has faced difficult circumstances and situations in his short period in power in Athens.

Yet, it seems that his short spell as President may end sooner than had been hoped by international officials as last-ditch talks with various party members to secure support appear to have been fruitless.

Attempts to form a coalition and avert a further set of elections are Papoulias’ primary concern: even higher than economic issues. Should the Greek populace be put to the vote again, there is sure to be all manner of civil reactions from apathy to unrest.

Certainly, the Greeks will have lost all belief in the abilities of their leaders to govern and manage the state properly and efficiently. At best, politicians can hope for a resolution between party factions, for any further public disgrace could spell the end of Greek’s current political system.

In the event of an election, whilst a few may look with disinterest on a failing succession of Presidents and parties, the recent demonstrations and violence that have spread across the country suggest the possibility of widespread anarchism and potential revolution.

Of course, extremist positions that promote Greek exit from the Eurozone appear all the more enticing whilst faced with current alternatives. Riddled with debt, a persistently shrinking economy and mounting unemployment, Greece is certainly not the hotbed of industry and business that marked the new millennium.

Last week, a majority of Greeks voted for parties that want to rip up the country's bailout agreement with the European Union and International Monetary Fund (IMF) - including neo-Nazis.

The biggest winner was the leftist anti-bailout coalition, Syriza, whose share of the vote more than tripled and who describe the austerity imposed by the bailout as "barbaric".

Yet, the main problem that any incoming government could face is that there is no official guidance on a country exiting the EU. No, the naïve, bright brains behind the introduction of the EU did not foresee any member country wanting to leave the zone and so did not prepare for such an event.

Therefore, Greece could essentially issue a statement to Brussels stating its intent to leave the EU and then default on its debts. Its second default, that is.

The economic repercussions across both the EU and Greece however could be catastrophic as further member states could decide that restrictive measures on their economies are no longer suitable. As such, contributors such as the UK and Germany lose billions of euros in funds that have been pumped into these nations.

Meanwhile, a new Greek government could not guarantee the stability of any currency that it introduces or predict the volatility of markets towards the new position of the country.

Greece would probably have to impose capital controls to prevent all the money leaving, much as Malaysia did in 1998 after the Asian financial crisis.

So in the best-case scenario, Greece would have no buying power, and everything would be expensive: extremely expensive.

However, the play would be based around the hope that with such a weak currency, the economy would grow rapidly.

Whilst this route would be expensive and painful, it might appease those voters who feel manipulated and controlled by central authorities in Brussels who they believe have no appreciation of their situation. If the hypothetical economic reinvigoration were to pay off, to pardon the pun, it could be the lighting spark for further action in the EU zone and render relations difficult across the EU, ushering in a new era of European co-operation, or lack thereof.

Occupy London, Occupy Economics.

Amidst growing concerns over the economy, the Eurozone crisis, the shortcomings for predicted growth, the downgrading of American financial systems and a lack of united resolve, there has emerged a global undertaking in a bid to coerce governments to introduce a swifter and more effective solution.

‘Occupy Wall Street’ began as a low key protest in its inception; by the time of its enactment, thousands of Manhattan’s residents and other American flocked to the financial district of world-wide repute in order to protest, and stage one of the most daring sit-ins in modern times.

Fervour so pent up is difficult to restrain for too long a period and in quick succession, similar events have sprung up throughout Western democracies.

In The City, ‘Occupy London’ has well and truly taken hold. Saturday morning saw an estimated 2,500 take to the London financial domain in response to ‘Corporate Greed’ that left many families unable to provide for themselves amidst the growing fiscal crises.

Whilst there has been a mixed response to the staged protest, a larger number are coming to acquiesce that promises made by political leaders are slow to be implemented or otherwise do little to combat deficit and budget issues in reality.

The stagnation has come to be referred to as a ‘permafrost’: now so deeply set, it will take a sustained period before any progress can again be made for growth.

One protester, James Sevitt, spoke to the BBC about his feeling on the circumstances in hand: “This is about getting beyond the 'us versus them'. We all live within the same system… We're really focused on building a community which really demonstrates the innovation, solidarity and just the human-to-human contact and community that we want.” The appeal of the protesters is that their numbers are growing in moral support even if not physically every day.

Saturday and Sunday indeed saw huge turnouts, but the working week saw the corporation greed, so inbred, that people returned to their jobs lest they suffer even greater hardships.

It is somewhat paradoxical that the restriction on demonstration for these activists is their return to the employs they hate, that don’t pay sufficient amounts, that threaten cuts.

Organising group Occupy LSX later posted an initial statement on its website in which it said the "current system" was unsustainable.

It called for:

• Structural change towards "authentic global equality"
• An end to the actions of those causing oppression
• An end to global tax injustice
• Regulators who are "genuinely independent" of the industries they regulated.

In addition, the group called for further support for the strike movements planned for the end of November. Such a united stand against both business and government actions sees a revival of national sentiment not produced on such a widespread scale since the notorious cuts of Margaret Thatcher. Determination and repeated efforts are essential for a cause that will have a gradual effect as the tide on the coast.

This notion appears to be hailed as a modern revolution by some leading innovative politicians: Green Party leader and MP Caroline Lucas said: “The camp that has been set up a stone's throw from London Stock Exchange is an opportunity to explore a different kind of future to the one the mainstream political parties have constructed.”

Of course, this is reflective of the widespread belief that politicians in the current cabinet are shying away from public ideas on key issues: from the student tuition fee debate, to the controversial hike in VAT, and the momentous outpouring of anger in riots, public control has never been so outlandish yet so unnoticed by those in power.

Concerning statistics emerged today that the rate of inflation for the country has jumped to a peak only once before witnessed at the height of the original economic crisis: Consumer Price Index currently sits at 5.2%. Such a staggering change is contributing to rising costs of essential gas and electricity, as well as petrol and food. Whilst this figure is expected to subside come the new year, it is worrying that this figure goes against the grain of political policies regarding debt and attempts at cutting the deficit.

Symbolic of the need to persevere, a crowd now remains resolute on the steps of St Paul’s Cathedral in London. Once the bed place of countless beggars and those in poverty, the establishment has almost reclaimed its position as church of the spiritually rich. Whilst businessmen and women hurry on past to the London Stock Exchange, there passes an intelligible and tangible atmosphere that those sat on the steps will prove a powder-keg to ignite national sympathy and rebuke of city greed.

Demonstrations in Greece, in Italy, in Spain all signal that a new price must be paid in this quest for recovery: the bailout of government politics and introduction of dogmatic public involvement.

No economy is to recovery without the active participation of its citizens. Here, the municipal mood is one of strike, not cooperation.