Much of the western media appears to view Greece as a morality play: hubris coming before a fall. But many of the elements that have brought Greece down have parallels in the larger economies: an ageing population, increased integration into the global economy, hollowing out of traditional industries, reliance on debt to sustain growth, dependence on increasing social transfers to offset inequality brought about by technological change and a widening energy import bill.
Greece joined the EU in 1981 and the eurozone in 2001 (with the drachma abolished in 2002). This chart of Greece’s GDP growth rates from eurostat shows the sharp reverse in the country’s fortunes (note that the forecast rates for 2012 and 2013 currently look hopelessly optimistic). Moreover, latest data for 2011, suggest the final figure will come in at around minus 7%.