Oxi Means… “Maybe”: The Vote in Greece

On Sunday, 62% of Greek votes, encouraged by their radical-left prime minister, Alexis Tsipras and his Syriza party, registered a desperation “no” vote to a swap of further fiscal tightening at home for debt relief from its European creditors. The night of the vote ended in celebrations in Athens' central Syntagma Square. But just before showtime on Thursday night, the story shifted with a jolt: after much posturing, Tsipras and the Greek delegation capitulated to many of their creditors' demands in hopes of staying in the Euro. Syriza's turn from defiance to compliance may leave the millions of "no" voters — part of what our guest Richard Parker calls a global "neglectorate" — feeling more discouraged than ever before. But it remains to be seen how the Greece situation will shake out. Mark Blyth wasn't so convinced that what looked like a final surrender of the radical left in Greece was anything more than one more kick of the can down the road of untenable austerity economics in Europe — one headed for a 'breakdown': I think I recall looking at the BBC website yesterday and happening upon a link that said, “June 23: Greeks at final last stop.” And here we are again. So a proposal has been submitted, which seems to be a bit of capitulation, but it hasn’t been accepted yet. And there has to be the other side of that trade: are they going to get anything back? Because if not, we’re simply doing a rerun of where we were before we had the referendum. And if that’s the case, then there’s going to be a breakdown. We’ve had a situation where the European Central Bank has been squeezing the Greek banks to make sure that by Friday, everyone’s sufficiently freaked out to have them sign whatever they want. But that’s exactly the type of tactics that backfired and brought 61% of people out to vote no. So I’m far from convinced that we’re at the end of the road… It’s very similar to the Scottish independence referendum. Let me tell you why. If you break this down, the really dramatic thing is the way the different age groups voted. So I saw a poll for Greece, 12 hours before they actually took the vote. 71% of people under 35 were going to vote no. So all the older people are gonna vote yes. The exact same thing happened when they took the Scottish referendum — why? If you’re old, and you’ve got a lot of assets, you don’t want uncertainty over those assets. You don’t want your nice Euro-denominated house to suddenly be new drachmas. If, however, you've been through hell and back over the past five years — you’re asset-negative, you’re up to your eyes in debt, and you’re unemployed — asset uncertainty is somebody else’s problem. I’m going to vote no. You have this generational split on top of lots of different asset splits, and that’s the way this worked out. We do know that those young Greeks are the ones want out of an economic dive as long and painful as our Great Depression. Watch the six-year change in unemployment: in America, 1929 to 1934, versus Greece, 2009 - 2015. In March 1933, four years into the Depression, Franklin Roosevelt signed the first unemployment relief legislation through "useful public work." No such luck in Greece: in the poorest Athenian neighborhoods, joblessness has topped 60% this year, and last year at least 1 in 10 Greek children was suffering food insecurity. Hundreds of thousands of well-educated Greeks have left the country, and the future seems to hold only more misery. Our guest Mark Blyth declared in January that we're watching the all-but-Homeric battle of austerity and democracy on the southern edge of the Eurozone, where deep budget cuts have become the only possible solution to economic shock. Blyth and our guest, the translator and Europe-watcher Arthur Goldhammer, are concerned about the blowback of EU overreach — not on the left but on the right: For those who fear Syriza and its left-wing counterpar