Financial Times
May 14, 2012
Extreme political dysfunction is now undermining a Greek economy already hobbled by imploding consumption, explosive joblessness, accelerating capital outflows and debt insolvency. The consequences are multi-faceted and extend well beyond the country’s borders. For the longer-term stability of Europe and the global economy, European leaders need to urgently redefine their historical unity project rather than leave it in the hands of increasingly disorderly conditions on the ground.
A week ago, the Greek electorate delivered three devastating messages to the country’s political elites: an unambiguous rebuke of traditional parties; unusual migration to fringe parties that are eager to dismantle the past but lack coherent plans for the future; and disgruntlement with economic policies that hurt but don’t work (to adapt a phrase that British politician Ed Miliband used in a different context).
It should come as no surprise that post-elections Greece is having problems forming a government. The political landscape is now full of parties with different interpretations of the past, present and future. As a result, the three with the biggest share of the recent vote failed last week to garner sufficient support to form a ruling coalition. This was followed by President Karolos Papoulias’ inability on Sunday to coerce the major parties into an emergency government.
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