Greek tragedy to triumph (9 charts)

from David Ruccio

Greece has gone from tragedy to triumph—from the tragedy of austerity-induced suicides to the triumph of the anti-austerity landslide victory of Syriza.

So, before we get lost in the media hysteria of “radical leftists,” “firebrand” leaders, and jittery international financial markets, let’s be clear about what Greek voters rejected on Sunday.

Greek workers rejected an austerity program that has led to a decline of more than 25 percent in Gross Domestic Product since 2007.

They rejected an austerity program that cut government spending by almost 40 percent since 2009.

They rejected an austerity program that led to a dramatic rise in unemployment—to 29 percent.

They rejected an austerity program that led to a dramatic rise in unemployment among young people—to over 60 percent.

And they rejected an austerity program that, in just one year (2013), led to a decline in real wages of 6 percent.

In other words, in decisively rejecting the austerity program, Greek voters have found a way to move beyond tragedy and to give an enormous electoral triumph to Syriza.