Thank you for the detailed response—I learnt a lot. I was broadly aware of the situation in Greece, but I did not know the granular details.
Sadly, since the 1980s, neoliberalism managed to do what you describe to practically every country in the world. All public utilities (healthcare, education, housing, water supply, power grid, agriculture, transport, communications, broadcast) were privatized, and turned into commodities. Millions of peasants in the global south were thrown off their lands and pauperised, so also billions of landless labourers. In this way, they globalized the reserve army of labour. Then the Western multinational corporations shifted most of their manufacturing/production to the global south, and earned enormous surplus by paying global south workers far far lower wages (for the same productivity) than their Western counterparts. This also put enormous downward pressure on the wages of the workers in the Western bloc. Now that the people are miserable and raging, neoliberalism is breeding neofascism everywhere. The tactic is simple yet effective—neofascists turn people's rage against neoliberalism towards some helpless minority or the other (African and Asian migrants in Europe, Muslims in India, etc). That allows neoliberalism to continue hyperexploitation of the peripheries and exploitation of the workers in the Western bloc. That's the basic reason we see neofascists coming to power everywhere in the world.
Going by your description, all of the above seems to apply to Greece too.
Here's hoping ordinary people everywhere rise up and overthrow imperialism + capitalism.
postscript:
I knew about the PIIGS acronym, and about Italy being part of that, but since Italy is part of G7, I did not include it among "peripheral" countries.
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Analyse complète 👇
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Volle Analyse 👇
https://vextorcapital.com/de
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Our view: a pause is likely — but Q3 2026 remains open.
Full analysis 👇
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By Phillip Inman
European Central Bank increases main deposit rate to 2.25%, with two further rises expected by next spring
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