While the genesis of Greece’s financial crisis may come straight out of economic textbooks, the recent intervention of the EU and now the IMF into Greek affairs has guaranteed popular resistance to the bailout — which many see as foreign subjugation of their country.

Drawing parallels to the military junta that ruled Greece from 1967 to 1974, many citizens reject any semblance of control over their country, thus pitting much of the population against the “structural adjustments” — painful cuts in public spending — that come with any IMF loan.

With conspiracy theorists fanning the flames in Greece’s financial crisis, there’s more trouble ahead. — JCL

The Guardian:

Deep inside the august halls of Athens University, the renowned political commentator Paschos Mandravelis will deliver a message this week that until very recently was lost on most Greeks.

His speech will focus on a single fact: that the country in the centre of the storm of Europe’s worst crisis since the creation of the common market, missed the biggest story ever – its own looming bankruptcy. “Everyone,” he says, “starting with the Greek media, was in an incredible state of denial.”

Last week escapism was no longer an option as Greece’s debt drama claimed its first lives and the nation, teetering on the brink of economic collapse, erupted into violent protests over unprecedented austerity measures.

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