Eurozone crisis

(Photo by Real Democracy GR – MultiMedia Team )

Greece’s political establishment trembles as banks and government offices burn amid violent anti-austerity riots. Has the country finally reached a tipping point?

Exactly ten years ago, the crisis-ridden country of Argentina spiraled into a bout of social unrest that would eventually lead to the largest sovereign default in history. After three years of being forced to swallow the bitter pill of IMF-imposed austerity, a tipping point was finally reached: foreign creditors and neoliberal governments had pushed the people too far. They rose up in defiance and ousted five successive Presidents in the space of just three weeks.

With the incredible images of flame-engulfed buildings and policemen emerging out of Athens, it now looks like Greece may be headed down the same path. The country has become ungovernable. Even though a majority of traitors was found to pass yet another deeply unpopular austerity package through Parliament, this weekend’s violent protests indicate that the ‘Argentina moment’ may have arrived. The Greek people simply can’t take any more austerity.

Yesterday, market trader Alessio Rastani gave the BBC a eerily candid analysis of where we stand: “the euro market is gonna crash, and it’s gonna crash pretty hard. [Investors] know the market is toast; they know the stock market is finished; the euro, as far as they’re concerned, they don’t really care, they’re moving their money to safer assets.”

Rastani then goes on to frankly admit that he’s actually excited about this prospect. “If I see an opportunity to make money, I go with that … Personally, I’ve been dreaming of this moment for three years. I have a confession, which is, I go to bed every night and I dream of another recession, I dream of another moment like this.”