Economy
The End of Growth … as Greece teeters
Looking at the state of the global financial crisis, is it time to question the accepted wisdom that modern democracies must continuously expand and grow? Could it be the end of growth as we know it? And if changing the system is required, just how would this be achieved given the lack of trust in all systems – whether cultural, spiritual, economic or financial?
Guests
Graeme Maxton
Economist and author of The End of Progress.
Satyajit Das
Financial analyst and author of Extreme Money.
Publications
Title
The End of Progress: How Modern Economics Has Failed Us
Author
Graeme Maxton
Publisher
John Wiley and Sons
Title
Extreme Money: The Masters of the Universe and the cult of risk
Author
Satyajit Das
Publisher
Penguin Portfolio
Credits
Executive Producer
Gail Boserio
• ABC Online: Pro-bailout parties set to win knife-edge elections:
Greece’s two main pro-bailout parties look to be on track to form a government after Greeks voted for the second time in as many weeks overnight.
Early results had the centre-right New Democracy party winning 29.5 per cent of the vote, which would give it 128 seats in the 300-seat parliament because of a 50-seat boost given to the victor under the Greek electoral system.
“We are the first party. The time has come to form a government of national unity to exit the crisis,” said Dora Bakoyannis, a top New Democracy official.
Coalition talks are now expected to start later today, with the most likely ally being the socialist Pasok party, which seems to have won 33 seats.
The anti-austerity radical leftist Syriza party came second with about 26 per cent of the vote after galvanising widespread anger against the cuts imposed by an unpopular multi-billion bailout deal with the European Union and the International Monetary Fund.
A deadlock between New Democracy and Syriza could have left Greece in the political gridlock which followed elections last month and triggered this vote just six weeks later.
Greece has been forced to seek bailouts twice, first for 110 billion euros in 2010 and then for 130 billion euros this year plus a 107 billion euro private debt write-off – for a total of 347 billion euros ($436 billion).
Just as the first results filtered through, German Foreign Minister Guido Westerwelle said Berlin was ready to discuss giving Greece more time to meet its bailout obligations.
“There can’t be substantial changes in the engagements” undertaken by Greece in the bailout deal,” he said.
“But I can imagine we discuss again a delay” in achieving the targets, he added.
Syriza’s leader Alexis Tsipras had vowed that the bailout deal would be “history” on Monday if he won.
After casting his ballot on Sunday, he said Greeks had “conquered fear” and were moving to “a better future.”
Mr Tsipras has accused New Democracy chief Antonis Samaras of misrepresenting the election as a choice between keeping the euro or returning to the drachma.
The 37-year-old has accused Mr Samaras of defending “Merkel’s Europe” – a mocking reference to the German chancellor who is widely contested in Greece.
As he voted in his hometown of Pylos, the 61-year-old Mr Samaras said: “Today the Greek people speak. Tomorrow a new era starts for Greece.”
… etc
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