25 Pages Posted: 30 Aug 2015 Last revised: 27 Jul 2016

Date Written: September 17, 2015

Abstract

Greece has been witnessing higher death rates, suicides, increased prostitution, emigration and the splitting up of families, rationing of bank withdrawals and capital controls in the last few years. This paper studies the Greek crisis as evidenced by its balance of payments over the last 18 years. It places this analysis in the background of an Economic Union. We find that the Greek state is an example of acute suffering as well as shame thrust upon a people once their industries had been destroyed through inherent disadvantages in terms of trade. They need to look out for themselves and formulate appropriate tax policies. We owe them squaring subsidies as their dues. Their leaders need to take the moral high ground of ecological balance to show their people are on a better track. A Gandhism inspired action may be an appropriate response to neo-imperialism.