Life imitates art, it seems that classic album from Dire Straits “Brothers In Arms” hold the key to understanding Greece’s economic and debt crises. If you listen the tracks from the album you will see somehow the economic situation of Greece.
But do the lyrics really reveal whether Greece and the euro zone can be “Brothers at Arms” again?
“Money for Nothing”
Greece has been the recipient of two bailout programs worth over a $263.1 billion with the programs by IMF and European Centra Bank & European Commission. Germany has been one of the biggest financial contributors to that bailout – in a factor that created an relationship between countries, governments and its citizens.
Like Dire Straits song, the German view is that the Greece will never beat that crisis in support that they extended to the country.
If you want to read history, you should know that Greece every time in their past-history been in crisis and every time when they are in a problem, they have someone who help them to stay out of collapse and to not start to sell the country.
The creditors who make bad loans should know that Greece never would back that big sum of money. It is impossible for them – “Money for Nothing”.
“The Man’s Too Strong”
“The Man’s Too Strong” is a typical song-symbol for the Greek saga over its bailout which one of the leading characters is was their finance minister – academic and economist leader of Syrizia, and also the Prime-Minister who became regular faces for their combative stance during negotiations with creditors.
“Your Latest Trick”
The accounting ‘tricks’ – have been employed to exploit all potential sources of cash. Greece has become addicted in making ends, most recently using its IMF reserves allocation to pay an IMF debt – essentially, robbing Peter to pay Peter.
“Why worry?”
Greece’s financial woes are coming to a head with doubts growing that the country will be able to make a 300 million euro repayment due to the IMF, let alone numerous other repayments due to the Fund and ECB.
As Greece potentially approaches calamity, expectations that it could default on its debt and crash and burn out of the euro zone have risen.
Officials in the euro zone worry that if they let Greece off the hook in terms of a debt or restructuring, it could set a dangerous for other countries.
“Walk of Life”
Rather than wasting time wringing your hands over the crisis in Greece and its relations with its neighbors, crisis can be a catalyst for change. Could this be another episode that will be filed under the heading “never let a good crisis go to waste”. Greece hoped for change.
This could well contribute to improving the institutional structure and governance of the euro zone, Europeans could be “Brothers In Arms” after all if Greece give back their debt, who probably never would repay their debt.
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