The Econoclasts Greece’s doom loop & why Europe can’t stand up to Trump
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Dec 17, 2025 Hosts delve into the myth of Greece's recovery, arguing it's a financial illusion benefitting a few. They explore how investors profit from Greece's distress and the negative social impact on ordinary citizens. A discussion on Europe's debt reveals a troubling trajectory, while the inability to confront the US politically highlights deeper systemic issues. The need for European strategic autonomy is emphasized, alongside the challenges of dependency and a shifting focus on the perceived threat from Russia.
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Greece's Illusory Recovery
- Greece's apparent recovery masks a new debt-fueled asset bubble that benefits rent-seekers.
- Real incomes and wages remain far below pre-crisis levels, making the recovery socially hollow.
How Fraport Profited From Greek Rescue Loans
- Fraport bought 14 lucrative Greek airports with loans from Greek banks recapitalized by taxpayers.
- The firm refurbished airports using EU structural funds and repatriated profits to Germany.
Recovery Without Social Welfare
- Aggregate disposable real income in Greece is down sharply while public arrears have risen dramatically.
- Privatizations created monopoly rents and higher prices, worsening living standards despite headline growth.