Muitos observadores têm manifestado espanto pela forma como os gregos não sucumbiram aos apelos da extrema-direita (ou extrema-esquerda). Para todos os efeitos, continuam no poder partidos do sistema – a despeito das variadas rondas de eleições desde 2010. No Project Syndicate, Barry Eichengreen lembra-nos, contudo, que foram precisos quatro anos para que a Grande Depressão pusesse os nazis no poder. Europe’s populists at the gate.
Some will object that dire warnings of political reaction are overdrawn. So far, no country has voted into power a rejectionist administration. Even in Greece, where conditions are the worst, Golden Dawn is still a minority party. The answer to these critics is, unfortunately, “just wait.” It is worth recalling that nearly four years passed from the onset of the Great Depression in Germany to the Nazis’ accession to power.
CommentsView/Create comment on this paragraphEurope needs a growth strategy to put this political genie back in the bottle. It needs policies that hold out the promise of lower unemployment and better times. The continuing absence of such policies is the gravest threat to the euro. Unless that changes, markets will wake up to that risk – perhaps with a jolt – sooner or later.