Cycling through Greece..

..through air that's not thick with anything

The air in Greece is not thick with anything. There is nothing etched on the faces here. You cannot feel the tension on the streets... at least not the streets of Edessa, the northern town I reach soon after crossing from Macedonia. Greece is suffering a stark hyperbole crisis, sensationalism here has run into diminishing returns. If we were to tax the financial media's use of words like 'toxic' and 'brink'... southern Europe would soon be back in the black. Greece is a European country being stuffed by the markets. Simple. It's not doomsday here... just a country being stuffed by the markets.
 

Greece is not in turmoil. This is especially relevant to stock markets, which Flaubert once described as nothing more than "barometers of public opinion". Irrespective of any fundamentals, objective or otherwise, the projection of chaos that has become associated with Greece is partly responsible for the fact that the Greek government has to pay yields of up to 30 per cent to borrow money. I ride into Thessaloniki, up the inside of stagnant traffic jams. When whole cities can still afford to sit in cars, burning petrol at €1.80 a litre... there's obviously a lot of crisis left to run.

Everyday Greeks seem similarly dismissive of Crisis! A woman in a bakery smiles... "What did you expect?... are we all supposed to be crying?" A man sits outside a cafe... "Pro-pa-gan-da!... Bullshit!" His friend grabs a stool... belly like a water melon, stubble, black sunglasses, curly hair cut short at the sides. He spreads his legs, pulls his shorts up like a Greek John Goodman straight out of The Big Lebowski. He plants a finger on a hairy thigh... "You see a crisis here?!... we have sun, sea, farms, petroleum... There is a crisis... a bankingcrisis... and they want us to pay for it." He goes on. "The euro was a catastrophe for Greece..." he points into his palm... "€1 was 340 drachma... coffee was 100 drachma before... then it was €1." Italians will say exactly the same. Prices doubled overnight.

Meanwhile Europe is drip-fed a diet of ignorance. Reuters will whisper about 'Grexit' and a 'drachmageddon' that will cost hundreds of billions of euros if Greece fall out of the eurozone. Either lazy journalism or market omerta prevents the making of the obvious point that bailouts to keep Greece in the euro have already cost - erm - hundreds of billions of euros, failed to work, and will ultimately see Greece sell their national assets - from islands to major ports - at far below their true value. It's a little confusing that the structure of a Greek restructure is a country that has sold the very things by which it could once have made money... perhaps that's just the formula for the 'mature economy' the Greeks are to become. A mature economy is one that innovates new ways in which it can be stuffed by the markets.

Talking to people on the streets, what is most obvious is that everyday Greeks quite clearly do not want to be bailed out, just as Angela Merkel tries to appease the everyday Germans who do not want to bail them out. If everyday Europeans, both bailers and bailees, do not want to do any bailing... it seems the only ones in favour of a bailout must be the French and German banks that will otherwise be unable to absorb the losses of their own failed investments. Let's be clear... we do not bail out governments or taxpayers... we bail out banks, the primary representatives of capitalism who are not themselves subject to the primary rule of capitalism. Failed businesses are supposed to go bust.

And yet there's more to it than that, and northern Europeans would do well to resist judgements of lazy Greeks getting what they deserve. Greece is a foothold for the idea of market preeminence over societies, applauding its application in the Mediterranean will help bring about the day when we are all made Greek. The 1929 Wall Street Crash and Great Depression saw Roosevelt famously tell the American people, "we have nothing to fear but fear itself"... in the twenty-first century our governments encourage us to shit ourselves and hope that the markets will clear up the mess. Keep hoping. For five years Europeans have been given a constant crisis narrative, one accompanied by a paucity of any real information. Italians have low household debt, a banking system thought to be solvent, and high government debt. Spain has a largely insolvent banking system and low government debt. Public sector spending is higher in France than in Italy, and yet traditionally stable France has become a more attractive destination for investment since Crisis! gathered momentum. Britain saw a financial sector debt crisis transformed into a public sector debt crisis, not least because of the costs of supporting the financial sector. Faced with very diverse economies and problems, each different nation has been prescribed the exact same solution. Strip your states... empower the markets. The markets, the markets... always the markets, a remedy proposed by those who stand to benefit from its application... if this were a medical situation we'd be talking about quack doctors and second opinions. Only in a climate of hysteria could such flimsy reasoning have come so far.

 
It is this climate that has prompted the human suffering that is the overwhelming focus of contemporary media about Greece. A 40 per cent increase in suicides has become the most infamous indicator for as much... and I wonder if perhaps that's just what the markets call the price of a mature economy. Even with recent gains in the suicide rate, it should be noted that the Greeks were starting from a very low suicide base... you're still much more likely to kill yourself as a Frenchman, German or Brit. Racist attacks have also increased significantly, some Greeks have fallen for that all too human failing... when being screwed by a white man who speaks your own language or English... the obvious thing to do is beat up an immigrant. Health and social services are being deprived of resources, so that a recent case drawing nationwide and international attention saw patients in a psychiatric hospital facing food shortages. Modern capitalism will frequently be given credit for the notion that they are responsible for feeding the world. Whether in the form of austerity-hit hospital budgets or high oil prices diverting land to biofuel rather than food... it's less talked about that markets also know just how to starve people.

Heading east for Alexandropoli I see graffiti covering signposts, a handful of which caution drivers to turn on headlights in tunnels, to be aware of landslides. It's noticeable that just the English language portion of the warning has been painted over, so that you can only see it if you're passing slowly on a bicycle. I doubt it will cause the deaths of many foreigners, but the antipathy of some is clear. None of what I'm saying is to claim that all was once well in Greece. There is general consensus that taxes were evaded, corruption problematic and pensions generous. Whatever the truth in that, the solutions on offer will create new problems rather than eradicating old ones. 

As I ride for Turkey I think back to Paris, to the businesswoman who told me the French didn't believe in the crisis and would "bury their heads in the sand." The more I think about it the more I disagree. Swallowing the pill of austerity and putting your faith in ultimate salvation from the markets has been disguised as some sort of dignified resilience. Suck it up and don't squirm. She had it the wrong way round... the only dignified thing left to do is voice the sort of truths that society has long been made embarrassed to declare. The rules of our system are broken... we must take our heads out of the sand in order to say so.

A Greek road. Photograph: Julian Sayarer

Julian Sayarer is cycling from London to Istanbul, he blogs at thisisnotforcharity.com, follow him on Twitter @julian_sayarer.

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In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”