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Young Greeks more willing to accept the drachma

20 April 2015 / 16:04:24  GRReporter
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A lot of people are nostalgic for the era of Jacques Delors, Helmut Kohl, Francois Mitterrand and other European politicians who "would do nothing that would threaten the European project because they have experienced the horror of war, unlike today's leaders." This statement must be true, although it cannot be objectively established. The memories of the bloodiest war in the history of mankind were the first impetus for the creation of the European Union and had long been its driving force.

Living memories play a significant role in political behaviour. This is evident in Greece too, especially as regards the attitude towards the euro. A Marc poll (broadcast by Alpha on 18 March 2015) confirms what journalist Konstantinos Zoulas had written in the newspaper Kathimerini, "A huge part of the population (that aged under 35-40) virtually has no memory of the drachma. The majority of today's 40-year-olds remember it more as pocket money and 35-year-olds certainly have not even been paid in drachmas because in 2002 when the euro was introduced they had just finished school. Therefore, a key part of the electorate that have largely given the victory of SYRIZA does not know what a national currency means, not to speak of the destruction of an economy through its continuing devaluation" (Kathimerini, 07 February 2015).

The poll conducted by Marc confirms this too: 42.8% of respondents in the 18-54 age group approve the return to the drachma compared with 52% who prefer "to remain in the euro zone with the memoranda measures." Only 23.1% of respondents in the age group of 55 years and over approve the return to the drachma whereas 69.7% are "for" the euro, albeit with the memoranda measures. "These young people, including Alexis Tsipras, Nikos Pappas, Gabriel Sakellaridis, i.e. some of today's rulers, do not know what it actually means for an economy to buy 1 USD against 42 drachmas in 1980, and because of the continuous depreciation against 100 drachmas in 1983 and 150 drachmas in 1985 (the specified USD/drachma exchange rates are true)... And since they do not have a national currency embedded in their memory, they consider as unthinkable the option of shops not selling foreign goods, petrol imports being suspended, not being able to travel anywhere without a visa, of buying all imported goods at 200% or 300% higher prices and of being unable to order nothing even on the internet. The option of banks suddenly giving us stamped "Greek euro" that will lose its value every day in comparison with the common euro and be traded on the black market seems unreal to them," wrote Konstantinos Zoulas in the same article of 7 February.

Reducing the purchasing power

The newspaper Kathimerini also stresses that "many who have fallen into despair due to the situation offer suicide as a solution to "the sufferings caused by the memorandum." They suggest or imply that Greece would be better off with the drachma, and, what is even worse, they are taking us closer to this solution with their actions. The problem is that the majority of them remember fragments of the "good old days" of monetary independence. They do not remember that interest rates on housing loans were in the range of 24% - 28% and only "people who are close to us" and the media could obtain business loans. They should also remember that inflation reached 20%, and how difficult it was for one to obtain at the customs a book sent as a gift from abroad. The purchasing power of Greeks in real terms may have declined since 2009 but it is higher than in 1999, before introducing the euro. Even with today's meagre income, one can buy more goods and services than 15 years ago" (Kathimerini, 25 November 2011).

Today, following the unprecedented period of peace in the history of Europe many things are considered as granted. Those politicians who were born after World War II cannot realize the cumulative effect of the events that, if uncontrolled, will lead to massive destruction. Author of the book "What would happen if Europe disintegrates?" Geert Mak has long studied the newspapers that came out shortly before World War I, "It was an experience that left me speechless. Everything went accordingly for weeks in Vienna in the summer of 1914. The newspaper headlines prominently asked the question as to who was invited to the funeral of the murdered heir and his wife. A lazy summer mood was felt in the Stock Exchange, monarchs and prominent politicians were going on holiday... Vienna of that time was a world of security, Stefan Zweig wrote in his memoirs, a world that would seemingly last forever and yet suddenly it was all over, forever, "a tragic consequence of an inner dynamic that has accumulated over the course of 40 years."

Tags: EuroDrachmaPollEuropean projectWorld War II
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