The Hellenic Foundation for European and Foreign Policy (ELIAMEP) organized its Annual Lecture delivered by Professor George Dertilis, École des Hautes Études en Sciences Sociales, Paris, and Professor Emeritus, University of Athens on

History does not repeat itself and does not teach: Economic Crises and State in Greece. The issues discussed were 1) High fiscal deficit and weakness in servicing huge public debt, 2) Declining state revenues and inefficient revenue generating capacity, 3) Enormous expenses, great wastefulness, clientelistic hiring in the public sector by a political system characterized by patronage, 4) Excessive military expenses, 5)  The objective of the economic policy making in Greece is control of government power and not the economy, 6)  In society there is a complex of self pity, complex of rich historical legacy and vague patriotism and 7)  International economic and mainly financial monitoring.

You are likely to have guessed it! It is a short description of current economy, social and political situation of Greece and her international financial relations.

However, you are mistaken! It is the description of two big economic crises that Greece endured; the first between 1885 and 1905 and the second one between 1929 and 1932 which, however, had begun in 1922. “…History is repeated, however, and it will continue to be repeated in a society which ignores its own history…”

Professor Loukas Tsoukalis, President of ELIAMEP moderated the discussion. The event was held on 4 March 2010 at the Amphitheater “Theodoros Karatzas”, National Bank of Greece.

Click here for the full text of the speech (available only in Greek).