Reuters
June 16, 2011
European leaders are scrambling to save Greece from a debt default that could cause global economic turmoil, but the Greeks themselves seem in denial.
In a reaction that is causing frustration and anger abroad, the Greeks seem more inclined to blame others for their troubles than accepting that something is deeply wrong with their country and painful medicine is urgent.
"The ordinary people don't understand the seriousness of the situation...not only for Greece, but for the whole world economy," said Jan Randolph, director of Sovereign Risk Analysis at IHS Global Insight.
Violent protests against austerity measures demanded in return for an international rescue worth billions of dollars have combined with political infighting and euro zone dithering to severely spook international markets.
No single element of society appears to have fully embraced the gravity of the situation, analysts say, and investors fear political wrangling and opposition to austerity measures could push the country into a messy default on its sovereign debt, which totals 340 billion euros ($480.8 billion).
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