This is what "savage austerity" looks like

Let's avoid the euphemisms

Today and yesterday, Alphaville put up a pair of posts detailing the terrifying lengths that the Greek state has been forced to go to in order to meet their austerity targets:

The country’s pharmacies are owed €500m by the state-backed healthcare insurer, according to reports. From next week patients will have to stump up the cash for their medicines upfront, and then claim a reimbursement from the National Organization for Healthcare Provision (EOPYY).

Greece: when the drugs run out

The desperate cunning scheme to get Greeks to pay property taxes by bundling them with electricity bills didn’t last long. You guessed it, people stopped paying their electricity bills and now it looks like the power company – which had to be bailed out last month – has stopped even trying to collect the levy.

Greece: when the lights go out

If the state healthcare company can't pay the pharmacies, it seems somewhat unlikely that it will be able to reimburse patients either. Meanwhile, the nationalised power company looks like it will run out of money again towards the end of June, unless customers start paying their bills again.

All of which goes some way to explaining the curious result that is seen time and time again in Greek opinion polls: contrary to what their actions – and their votes – suggest, the Greek people are actually overwhelmingly in favour of staying in the euro. They know how much membership of the single currency has benefited their country, and they don't want to lose it.

But they also know that the path they are on now – which, if it only involved Russian-style shock doctrine privatisation, would be getting off lightly – is unsustainable. They are losing healthcare, power, they have been paid negative salaries, and the word coming from Germany is that this will get worse, not better. Well, they're mad as hell, and they're not going to take it anymore.

That said, the latest news out of Greece indicates that preferences may be swinging back to the devil they know. Joe Weisenthal reports a Nomura briefing which says:

Opinion polls are looking more constructive from a market perspective.

Which is a very euphemistic way of saying the pro-austerity New Democracy party may win the election.

Lighting over Athens, but the power's out. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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George Osborne takes up job at BlackRock - but what does it mean for politics?

The former Chancellor insists he hasn't forgotten about the Northern Powerhouse.

George Osborne is to take up a part-time role at asset management giant BlackRock.

The former Chancellor is understood to have been hired by the chief executive of the world's biggest investor, Larry Fink. He will be working alongside his former economic adviser Rupert Harrison.

The appointment has been approved by the Independent Appointments Committee and Osborne intends to continue as a backbench MP.

He said: "I am excited to be working with the BlackRock Investment Institute as an adviser. BlackRock wants better outcomes for pensioners and savers - and I want to help them deliver that. It's a chance for me to work part-time with one of the world's most respected firms and a major employer in Britain. 

"The majority of my time will be devoted to being an MP, representing my constituents and promoting the Northern Powerhouse.  My goal is to go on learning, gaining new experience and get an even better understanding of the world."

Once tipped as a future Prime Minister, Osborne's career ambitions were stymied after he backed Remain in the EU referendum and was sacked in Theresa May's Cabinet reshuffle. Whether he will find the halls of fund managers more comfortable than the green back benches is yet to be seen, but for now he has been clear he intends to continue his constituency duties. 

He will work at the BlackRock Investment Institute, which researches geopolitical, technological and economic trends. 

He is expected to provide insights on European politics and policy, Chinese economic reform, and trends such as low yields and longevity and their impact on retirement planning. 

While the pay packet has not been officially confirmed, Sky News quoted a source saying it would be hundreds of thousands of pounds.

But the move will also place a pro-Remain former Chancellor at the heart of the City of London, just as his Tory front bench is losing its support over Brexit negotiations.

Speaking shortly after the EU referendum vote, BlackRock chief executive Fink said he "didn't get a lot of sleep" the night of Brexit, and that the decision had led to greater uncertainty. 

 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.