Tuesday, September 20, 2011

Greek Crisis Exacts the Cruelest Toll

Wall Street Journal
September 20, 2011

The first time he despaired of his debts, Vaggelis Petrakis drank a poisonous brew of beer and gasoline.

A note he left didn't mention the financial woes of his fruit and vegetable business, of which his family was well aware. Instead, he left instructions for his children on how to look after his animals. "Put mother rabbit in a different place from the little rabbits," the note began.

Then he had second thoughts and called his son, Stelios, who took him to a hospital. Mr. Petrakis survived that suicide attempt. But Greece's collapsing economy and the ruin of his business would soon push him to a more determined effort.

"It was shame, fear, pride, dignity," says his son. "Whoever you ask, they will say he was a man of dignity."

Two years into Greece's debt crisis, its citizens are reeling from austerity measures imposed to prevent a government debt default that could cause havoc throughout Europe. The economic pain is the price Greece and Europe are paying to defend the euro, the centerpiece of 60 years of efforts to unite the Continent. But as Greece's economy shrinks, its society is fraying, raising questions about how long Greeks will be able to take the strain.

Gross domestic product in the second quarter was down more than 7% from a year before, amid government spending cuts and tax increases that, combined, will add up to about 20% of GDP. Unemployment is over 16%. Crime, homelessness, emigration and personal bankruptcies are on the rise.

The most dramatic sign of Greece's pain, however, is a surge in suicides.

Recorded suicides have roughly doubled since before the crisis to about six per 100,000 residents annually, according to the Greek health ministry and a charitable organization called Klimaka.

About 40% more Greeks killed themselves in the first five months of this year than in the same period last year, the health ministry says.

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