The Greekonomic Ballad

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.

***

©PriyaDua

Note: All content copyright of Priya Dua

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