Sunday 25 April 2010

Years of Austerity for Bailed-out Greece

THE SUNDAY TIMES: FOR Mike Sirakoulis, an unemployed graduate, enough is enough.

“I’ve got three degrees, including a master’s from a leading Australian university, and my prospects are bleak,” he said. “I send out about four or five CVs a week, with minimal response. I was even delayed going to a job interview because of disruption from a civil servants’ strike. It’s not just me. I’m now looking to go back abroad to find a decent job, as are many of my Greek friends.”

Sirakoulis, 33, reflected the sombre mood in Athens yesterday, a day after George Papandreou, the prime minister, bowed to market pressure and asked for a €45 billion (£39 billion) bailout to be activated by the International Monetary Fund (IMF) and European Union (EU).

IMF officials made it clear at their regular spring gathering in Washington yesterday that an economic overhaul would be expected in return.

“I’m happy that the IMF will come in and force Greece to sack civil servants who have been coddled and protected for too long — it’s time for Greece to tidy things up and bring more meritocracy to the system,” Sirakoulis said. But he is ready to give up on the country, and so are many others. Polls show more than half of Greeks would consider leaving; 91% think the IMF will ask for greater austerity; 96% think unemployment will rise — youth unemployment is already more than 30% — and 71% fear social unrest. >>> Philip Pangalos in Athens and David Smith | Sunday, April 25, 2010