The Age reported today: Greece hits $500bn debt crisis: "'The country's debt has reached 300 billion euros, which is the highest level in our country's modern history,' Deputy Finance Minister Filippos Sahinidis told MPs on Thursday."
Greek Prime Minister George Papandreou said that the country's financial crisis was a threat to its sovereignty.
"We are determined to do whatever is necessary to check the huge deficit, to restore stability in public finances, to promote development," Papandreou told his cabinet. "It is the only way to ensure that Greece does not lose its sovereign rights."
No King to blame
And the politicians can't even blame the Monarchy for their failures. After all, they sent King Constantine into exile.
As a Monarchy, Greece experienced an economic miracle after World War II, as The Jurist explains:
1953 was the starting point of the economic "Greek miracle". For twenty years, Greece had the highest growth rate internationally (after Japan). Despite the many political problems (which included a military junta from 1967 to 1974, the Cyprus problem and the outlawing of the Greek Communist Party from 1948 to 1974), Greece managed to transform itself, over a period of thirty years, from a destroyed (due to a long series of wars), underdeveloped small country to a country worthy of becoming a member of the (then) European Communities. Greece was accepted as the 10th member of the ECC in 1981. At the time, most of its economic indicators were better or equal to Ireland's (that was already a member), Spain's and Portugal's (which were to become members in 1986). The"Greek miracle", which was a textbook example, was basically the result of the policies of the Conservative politician Konstantinos Karamanlis who governed Greece from 1955 to 1963 and from 1974 to 1980, with a mix of Keynesian and Free-Market policies.This is even acknowledged by Wikipedia:
Greece’s growth averaged 7% between 1950 and 1973, a rate second only to Japan's during the same period. In 1950 Greece was ranked 28th in the world for per capita GDP, while in 1970 it was ranked 20th.What an obvious parallel: Greece's economic stability ended with the country's Monarchy!