Devastating wars, two in number—
For years, we would remember.
Spirit broken, economy no better;
Recovery seemed in many a fetter.
Hostile relations, nations asunder;
Years and years of hawkish plunder.
Most debilitating, a third of its kind—
Another would leave us years behind.
Political stability and economic bonds
Would get us across murky ponds.
Thus the European Union was born,
And then dawned a new morn.
Rejoiced the political economic sphere—
Unaware that a crisis was near.
Heedless of early warning signals,
Recession struck without cymbals.
Debt to GDP ratio of sixty percent
Was agreed upon by consent.
Three percent of fiscal deficit
Was set as the upper limit.
All hail the ’92 Maastricht Treaty;
Non-compliance would create acridity.
Rules broken, figures misreported;
Economies freely imported and exported.
Tip of the iceberg was two thousand eight,
But by then, it was too late.
Spread like a wildfire, it did—
From the US to Europe, it was rapid.
Property bubble broke the deal,
Weary investors had no more zeal.
CDOs, mortgage and insider trading—
The economy kept on degrading.
PIIGS – like dominoes they might fall;
Greece was the worst hit of them all.
An odyssey without an end;
Are Greeks forever condemned?
Spendthrift Greeks – we called them,
Fears came true, they caused mayhem.
High public expenditure, tax evasion;
It was rather a dire situation.
Fifty eight was the retirement age;
Exorbitant was the public sector wage.
The government has funds no more;
Debt repayment is a subject sore.
Troika – EU, IMF, ECB
Have no respite, not a wee.
Their advice was not heeded,
Progress was hence impeded.
30% is the unemployment,
Citizens have little for payment.
Job creation seems arduous,
Recovery is slow and torturous.
310 billion dollars of foreign aid,
How would it ever be repaid?
Bailout upon bailout,
Rules imposed, Greece would flout.
Greek default on IMF loan—
Threatened the entire Eurozone.
Early bailouts an utter failure,
Troika again became the saviour.
Third bailout had conditions strict;
Many freedoms, it would restrict.
Scapegoats – Greeks called themselves,
No misdemeanours on memory shelves.
Government called a referendum
To challenge the Euro memorandum.
Citizens showed lack of will,
Government went ahead still.
Grexit was a threat imminent,
No longer could they be impudent.
SYRIZA remained divided,
A tight budget was decided.
Precariousness of accounting books,
Keeps us on tenterhooks.
We can hope, we can pray;
Greek recovery, yay or nay?
After years of reckless prosperity,
Comes the bitter pill of austerity.
Tax hikes, pay cuts and layoffs—
Uncertain are the payoffs.
Krugman says austerity won’t work,
Reducing government expenditure – berserk!
Economy already in a slump;
Increase expenditure to overcome bump.
Greece asks for more bailout packages
To deal with economic ravages.
To lend or not to lend?
Is the quandary in the bend.
Some even talk of a Grexit;
Unending pleas to fix it.
Is it permanent or temporary?
Many a confused advisory.
Bring back the drachma?
We face an eternal dilemma.
A solution has to be worked,
Responsibilities can’t be shirked.
Bailout, Grexit, Austerity—
What will it be?
Only time will tell,
Whether all will be well.
Grexit should not happen
To avoid a contagion.
European Union is the backbone;
Greece won’t survive a wolf lone.
Extend loan repayment dates,
Intertwined are economic fates.
Let bailout money be used
For economic growth, we mused.
Countries as borrowers and lenders,
Won’t work for EU members.
Introduce Eurobonds alternatively,
Better than country specific bonds relatively.
Recovery tremulous and hard,
Meanwhile EU needs a safeguard.
In addition to structural reforms,
We need stringent norms.
Stricter fiscal rules, need of the hour
If the EU is to go far.
Sovereignty might be hampered,
Trade-off for a currency standard.
Six years on, crisis is unresolved;
Into a Greek monster, it’s evolved.
To make Greek recovery possible,
Welcome changes doctrinal.
Greece will rise again;
At rock-bottom, it won’t remain.
A rising phoenix from its ashes,
Watch as it heals its gashes.
Note: All content copyright of Priya Dua
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