Cosmos Times:Greece

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Greece: An Economic Odyssey - Part 1

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Hour-long documentary delving into Greece's history and the origins of the current economic crisis through exclusive interviews with former Prime Ministers and finance ministers of the Mediterranean country. It was produced by award-winning Greek journalist Irene Nikolopoulou and narrated by Africa Business News' Features Editor Jill de Villiers and Forbes Africa Managing Editor Chris Bishop.

Misrule of the Few: How the Oligarchs Ruined Greece — Nov/Dec 2014

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To tidy its books, Athens levied crippling taxes on the middle class and made sharp cuts to government salaries, pensions, and health-care coverage. While ordinary citizens suffered under the weight of austerity, the government stalled on meaningful reforms: the Greek economy remains one of the least open in Europe and consequently one of the least competitive. It is also one of the most unequal.

Greece has failed to address such problems because the country’s elites have a vested interest in keeping things as they are. Since the early 1990s, a handful of wealthy families -- an oligarchy in all but name -- has dominated Greek politics. These elites have preserved their positions through control of the media and through old-fashioned favoritism, sharing the spoils of power with the country’s politicians. Greek legislators, in turn, have held on to power by rewarding a small number of professional associations and public-sector unions that support the status quo. Even as European lenders have put the country’s finances under a microscope, this arrangement has held.