Sunday, May 02, 2010

Revolution from Greece's Ruins as Crisis Deepens

THE TELEGRAPH: As Greeks face changing their way of life, rioters in Athens clash with police at the start of a very long, painful summer for the country.



The week was already going badly enough for mild-mannered Greek prime minister George Papandreou. After months of insisting that his country would be able to claw its own way out of decades of mismanagement and corruption, his belated SOS to the International Monetary Fund (IMF) ensured that Greece's world famous ruins are now financial, not archaeological.

But then things got worse. Even as Mr Papandreou likened himself to Homer's great survivor, Odysseus, his country's fortunes were being sunk between a modern Scylla and Charybdis: German intransigence over a financial bailout on one side, and market jitters that downgraded Greek bonds to junk status on the other.

On Sunday, however, as the details of an economic life raft from the EU and IMF are due to be announced, Mr Papandreou will be forced to survey not simply the wreckage of the Greek economy, but the beginnings of "cultural revolution" that analysts say his homeland's crisis is set to unleash across the continent of Europe. >>> Harry de Quetteville and Paul Anast in Athens | Saturday, May 01, 2010