Alexander Douglas — Greece, honour and the ancient ties of wergeld

As I have been saying all along, it's almost never about money alone or even chiefly about money. It's complicated, and there are many factors involved, many that are not held consciously. This post explores some of them.

On the surface, it seems the Greek crisis is all about money. The Greek government has defaulted on a €1.6bn loan repayment to the IMF and is seeking a new bailout programme. Meanwhile, the Greek people are to take part in a referendum that is being billed as a choice between the euro and the drachma. 

In fact this crisis is not about money. Greece’s creditors are well aware that Greece cannot repay or even service its debt. They are happy to keep finding ways to refinance it, so long as Greece agrees to punitive austerity policies. They aim for punishment, not repayment. They care about honour and vengeance, not money. 

Modern Europe is witnessing an enactment of an ancient law known as wergeld. Greece is expected to continue paying, not until its financial debt has been cleared, but rather until its creditors think it has suffered enough.

The Conversation
Greece, honour and the ancient ties of wergeld
Alexander Douglas | Lecturer in History of Philosophy / Philosophy of Economics at Heythrop College, University of London
ht Clonal