Insight: May 22

The last time Insight tackled the economic crisis in Europe a guest from Greece ended his interview live on air.

Hopefully it will be able to get through an episode on the Greek crisis next Tuesday without such upheaval.

Greece is entering a new phase of uncertainty.

On the one hand, Greek citizens have lashed out at austerity measures, punishing the political parties that support the tough conditions – the conservative New Democracy and the socialist PASOK, who have traditionally been the country’s biggest parties. Yet at the same time, the majority of Greeks say they want to stay in the Eurozone, sparking criticism that they are trying to have it both ways.

Power-sharing talks have collapsed, triggering a new round of elections and increasing doubts that Greece can make enough reforms to prevent the Eurozone – the world’s largest currency union – from breaking apart.

The drawn-out deadlock and the prospect of an anti-austerity party gaining power are making markets around the world jittery.

In a special live episode, Insight host Jenny Brockie crosses to Greece and Europe, bringing in politicians, economists and ordinary citizens to talk about the state of play, whether the tough economic medicine is the right approach, and whether the backlash in Greece could spread to other countries.

Amongst the guests will be Costas Lapavitsas, Professor of Economics at the University of London. He says the only way for Greece to get back on track is to default on its debts and exit the Eurozone, and that the “return to the drachma should be sudden, accompanied by a short bank holiday and immediate imposition of capital controls”.

Tuesday at 8.30pm on SBS ONE.

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