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.

Photo: Getty
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Are the Conservatives getting ready to learn to love the EEA?

You can see the shape of the deal that the right would accept. 

In an early morning address aimed half reassuring the markets and half at salvaging his own legacy, George Osborne set out the government’s stall.

The difficulty was that the two halves were hard to reconcile. Talk of “fixing the roof” and getting Britain’s finances in control, an established part of Treasury setpieces under Osborne, are usually merely wrong. With the prospect of further downgrades in Britain’s credit rating and thus its ability to borrow cheaply, the £1.6 trillion that Britain still owes and the country’s deficit in day-to-day spending, they acquired a fresh layer of black humour. It made for uneasy listening.

But more importantly, it offered further signs of what post-Brexit deal the Conservatives will attempt to strike. Boris Johnson, the frontrunner for the Conservative leadership, set out the deal he wants in his Telegraph column: British access to the single market, free movement of British workers within the European Union but border control for workers from the EU within Britain.

There is no chance of that deal – in fact, reading Johnson’s Telegraph column called to mind the exasperated response that Arsene Wenger, manager of Arsenal and a supporter of a Remain vote, gave upon hearing that one of his players wanted to move to Real Madrid: “It's like you wanting to marry Miss World and she doesn't want you, what can I do about it? I can try to help you, but if she does not want to marry you what can I do?”

But Osborne, who has yet to rule out a bid for the top job and confirmed his intention to serve in the post-Cameron government, hinted at the deal that seems most likely – or, at least, the most optimistic: one that keeps Britain in the single market and therefore protects Britain’s financial services and manufacturing sectors.

For the Conservatives, you can see how such a deal might not prove electorally disastrous – it would allow them to maintain the idea with its own voters that they had voted for greater “sovereignty” while maintaining their easy continental holidays, au pairs and access to the Erasmus scheme.  They might be able to secure a few votes from relieved supporters of Remain who backed the Liberal Democrats or Labour at the last election – but, in any case, you can see how a deal of that kind would be sellable to their coalition of the vote. For Johnson, further disillusionment and anger among the voters of Sunderland, Hull and so on are a price that a Tory government can happily pay – and indeed, has, during both of the Conservatives’ recent long stays in government from 1951 to 1964 and from 1979 to 1997.

It feels unlikely that it will be a price that those Labour voters who backed a Leave vote – or the ethnic and social minorities that may take the blame – can happily pay.  

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.