Like everyone else with an interest in financial and political matters, I have followed events in Greece with increasing concern. This isn’t the place to argue what should/should not be done. I don’t know, and I’m pretty sure that many of those who rush to comment don’t know, either. What I have become very conscious of, however, is the anti-German sentiment powering much of the Greek people’s opposition to the various bailout programmes proposed by the E.U. Die-hard opponents of Britain’s membership of the E.U. like to remind anyone who will listen of a certain German general’s prophecy at the end of World War II, to the effect that Germany might have lost that war but would win the economic one. Today, in Europe, there are many who feel that Germany dictates economic policy to other nation states. There may not be the same intensity of loathing that some in Greece have displayed recently, but still there is a fund of anti-German sentiment that is troubling.
Today is the anniversary of the beheading of St Thomas More. One way of dealing with opposition is to cut off its head, either literally, as in the case of More, or figuratively, as in the case of Greece and its likely exclusion from the Eurozone. It is much harder to weigh arguments and open oneself up to the possibility one may be wrong. No one outside Greece doubts the corruption and economic mismanagement that led to the present situation, but the solutions proposed hitherto may be too ‘north European’. Couldn’t part of the problem be that those of us who live in northern Europe expect everyone in southern Europe to think and behave as we do? Phrases like ‘austerity’, ‘economic discipline’, ‘retrenchment and reform’ sound differently under southern skies. Maybe when we ask why Greeks can’t be more like Germans we’d do well to admit the long shadows cast by history and examine our own attitudes. Anti-German sentiment isn’t something that concerns Greece only. It is a thinly-disguised element in some of the debate about Britain’s membership of the E.U., too.