Greece: National Economic Collapse and the Neoliberal Backlash, Syriza Holds On, The Left Is Weakened

‘The Greek tragedy of national economic collapse appeared to be turning into farce with the re-election of Syriza at the end of September. The leftist party had been first elected only seven months earlier on the promise to end the austerity measures forced on Greece by the troika of the European Union (EU), International Monetary Fund (IMF) and the European Central Bank (ECB) in exchange for $339 billion in bailout loans (see March Monitor). Reforms to that point had devastated the Greek economy causing it to shrink by 25% and increasing overall unemployment by the same amount, and pushing youth unemployment to 48%.’

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