Tomorrow the Greeks decide between zero and negative. A no vote may well be followed by default and exit from the EU. In which case Greece is back to square zero. It will presumably reinstate the drachma, not a beloved currency either inside or outside Greece. Its government will have no money and be unable to borrow on capital markets. So the socialists will have to figure out how to put Greece on a paying basis after other people’s money has run out. Which means a rational tax system that provides incentives to produce, breaking the long tradition of tax evasion, much reduced social spending, and less corruption and cronyism. No picnic, but Greece will not be burdened with debt it will never pay within any living Greek’s lifetime. A yes vote imposes similar hardships but leaves the debt gorilla on Greece’s back and puts the country under the continuing supervision of the hated Troika. In other words, two huge negatives. The economically rational vote appears straightforward: no. Rationality in this case is backed by strong sentiment, as these quotes from an article in yesterday’s Wall Street Journal, “For Many Outside Athens, Pride Trumps Economics,” makes clear.
“My dignity as a human being and as a citizen of this nation has been brutally crushed by Europe,” said Andreas Mallios, a 50-year-old orange farmer, dragging on his cigarette at a roadside cafe. “I’m a European, my currency is the euro, but I say, no more.”
Mr. Mallios used to get 28 euro cents per kilogram…for the fruit he sold to wholesalers. He now gets around 8 cents per kilo, because of Greece’s economic collapse.
His financial loss, he says is nothing compared with a mounting sense that his country is under attack from external forces.
“National dignity within the European family means that there is a proper dialogue among equals, not having the finger wagged at you and being told how to vote,” he says. “I don’t want to be part of this Europe.”
From Syriza, the main governing party:
“We say ‘no’ for a Greece that resists. We say ‘no’ for democracy and dignity,” a softly spoken young woman says in a radio spot that has been airing here, paid for by Syriza.
From another Greek citizen:
“Professionally, it would serve me better to vote in favor of this agreement,” with creditors say Nikos Ntakaris, 53 whose trucks deliver agricultural goods from Argolis to the rest of the country.
“Right now, I can’t even pay for my 11 trucks’ gasoline, with the banks closed,” he says. “but they have taken a proud nation and turned us into beggars. So I say no. That matters more to me than anything else.”
And another:
Dimitris Panagopoulos, a 50-year-old farmer, says Greece’s creditors are punishing the Greek people for choosing a government European leaders don’t like. “There’s more to life than money,” he said. “I’m voting no Sunday. I’d rather hold me head high.”
And another:
“Germany wants a servile Greece,” says Petros Vlassis, a 60-year-old-retiree.
“We want our true allies in Europe and the world to remember that we fought by their side against a country that twice tried to annex Europe,” says Mr. Vlassis. “What did we fight for? Not this.”
By SLL’s analysis, the Greeks can vote both their heads and their hearts tomorrow. And if a no vote deals a mortal blow to the blob bureaucracy that has encrusted the EU and the pompous bozos in Brussels who run it, what’s wrong with that?
