Greece in turmoil - Hard lesson we’d all do well to learn

THE Greek parliament voted for the first bill to impose terrible austerity measures demanded by the EU/IMF yesterday. Voting on a second bill, to complete the process, is scheduled for today.

The significance of these high-wire events in Europe’s and Ireland’s immediate future can hardly be overstated. It would be stretching it to say that the unity that has brought peace and, for a long number of years, prosperity to most of a Europe once regularly torn apart by wars, is in jeopardy. Nevertheless, a collapse on the scale likely if Greece loses all external support would be a step towards the chaos that we imagine — wrongly — is consigned to history. It would also confirm that EU solidarity is neither limitless nor blind.

All across Europe, especially in the weaker economies, citizens’ and governments’ aspirations are being crushed by unpalatable realities. Even the fundamentals of our capitalist system are coming under scrutiny in ways not seen since the last century.