New Blogs

Like most active bloggers, I have a section on the site which lists my “favourite links” – and, like most bloggers, I rarely update it or even reference them myself all that often.

And I find that my taste for blogs change – some soon pall for their rants; others (eg Craig Murray) begin to annoy for their predictable contrariness even although I will still access them.

A few of the good ones send me automatic updates – generally the collective sites such as Eurozine journal, RSA and the Real World Economist blogs; the great Scottish Review E-journal; and one single blogger How to Save the World.

Those I have discovered in the past year which deserve a special mention include –

- Poemas del rio Wang - the most amazing site which tends to focus on memories of old central and east European lands; which runs some trips to them; but whose current series is on Iran

- That’s How the Light Gets In – the imaginative site of a retired Liverpudlian Polytechnic lecturer with strong cultural tastes

- Michael Roberts blog - an elegantly written Marxist economist blog

- Econblog101- a blog about economic matters written by a German

- Club Orlov – a very original “end-of-oil” blog by a writer who has written several fascinating books

- Stumbling and Mumbling - a rather academic blog with, however, good hyperlinks 

- Britain is no Country for Older Men – an informative (if rather sexist) blog which celebrates the life achievements of various unsung heroes

- Paul Cairney; politics and public policy – one of the best academic blogs for me, written by a Scottish Professor who explains in clear language the approach to various aspects of public policy

And a recent one whose title Economy for the common good resonates with my own new website - Mapping the Common Ground - leading in turn to another new interesting site - Take Back the Economy which was discussing Paul Mason’s new book Postcapitalism – a Guide to the Future

Schuld

I’m conscious that my big readers these past few weeks have been from Russian servers – although I’m not sure if they are from heartland Russia or, perhaps, from places like Azerbaijan, Kyrgyzstan and Uzbekistan where I lived for 7 years – ie friends who happen to have Russian servers…….

So far they don’t seem to have been turned off by my recent posts on German subjects – so let me pursue the thoughts aroused by the latest book I have been reading these last few days…….

  

Gunther Grass - writer, artist (not least gastronomic) and political activist – was a larger than life German who died last April at the age of 87. I was never a fan of his novels (I preferred Heinrich Boll) - although I did appreciate his social activism (so typical of the post-war German generation).

I found a lovely English first edition of his autobiography – “Peeling the Onion” – in Sofia’s great second-hand bookshop (The Elephant) a few months ago and was bowled over when I eventually got round to reading it. It’s not just that it charts so powerfully the trajectory of an intelligent youngster (from an area which is now in Poland) facing the monstrosities of the times – but the sheer poetry……….

It apparently caused a sensation in Germany  a decade ago when it revealed that he had been in a youth SS group for the last year of the war – something which he had carefully hidden until the last phase of his life……

But Timothy Garten Ash, the indefatigable chronicler of the 1980s central European spirit of revolution, was able to rise above that furore in the NYRB review (in the year of its English translation) entitled The Road from Danzig 

this is a wonderful book, a return to classic Grass territory and style, after long years of disappointing, wooden, and sometimes insufferably hectoring works from his tireless pen, and a perfect pendant to his great “Danzig trilogy” of novels, starting with The Tin Drum.

An account of his life from the outbreak of the Second World War in September 1939, when as an eleven-year-old war-enthusiast he collected fragments of shrapnel from the first fighting in his native Danzig, to the publication of The Tin Drum in 1959, “Peeling the Onion” repeatedly surprises, delights, and moves with passages of great descriptive power.

 He enables us not merely to see but to hear, touch, and smell life in the tiny, two-room apartment in Danzig where he grew up, with a shared lavatory on the staircase—“a stink-cell, the walls of which fingers had smeared.”1 From this suffocating narrowness the teenager longed to escape into what he saw as the romantic, heroic world of service in the Führer’s armed forces. So at the age of fifteen he volunteered to fight on a U-boat, but his offer was not accepted (although he was called up a year later to a SS brigade).

One of my favourite British blogs - That’s How the Light Gets In - picked up the story in a recent post-  

What follows after this last admission (which stunned the world) is a brilliant evocation of scenes that the teenager  witnessed when his unit was taken to the collapsing front in Lower Silesia,  passing through a burning Dresden: 

Soldiers young and old, in Wermacht uniforms.  Hanging from trees still bare along the road, from linden trees in the marketplaces.  With cardboard signs on their chests branding them as cowards and subversive elements. […]Off to the side I see peasants working their fields, furrow after furrow, as if nothing were wrong.  One has a cow hitched to his plough,  Crows following the plough.Then I see more refugees, filling the streets in long processions: horse carts and overladen handcarts pushed and pulled by old women and adolescents; i see children clutching dolls, perched on suitcases and rope-bound bundles.  An old man is pulling a cart containing two lambs hoping to survive the war. 

His first encounter with the enemy comes with a ‘Stalin Organ’ rocket attack that leaves bodies strewn everywhere. Soon he is stranded behind enemy lines, in woods with Russians close by. Twigs crack underfoot – someone is nearby; a figure approaches and, terrified, the young Grass sings a German melody which is answered in kind.  

Grass the memoirist can now only identify the man who appeared, the man who became his guardian angel, who led him out of the woods, over the fields and across the Russian front line, as ‘the lance corporal’.  He had fought with the Polish campaign, in France and Greece, and as far afield as the Crimea. The lance corporal is his saviour, but then, in a Soviet tank attack, the lance corporal’s legs are ripped to bits. The last sight young Gunter has of him is of him being wheeled past from a battlefield operating room, his eyes wide open, amazed and unbelieving – a legless torso. 

Soon the Fuhrer is no more and Grass, having been transferred to a military hospital in Marienbad finds himself, a seventeen-year-old priapic youth, under the care of Finnish nurses. Hungry for sex, he is even more hungry for nourishment. Finally freed from the American POW camp at Bad Aibling, a displaced person in the British Occupied Zone, Grass found his first officially-registered residence as a free man in Cologne,

‘a pile of debris with an occasional miraculously-surviving street sign stuck to what was left of a façade, or hung on a pole sticking out of the rubble, which was also sprouting lush patches of dandelions about to blossom.’

He scavenges ‘like a stray dog for food, a place to sleep, and – driven by that other hunger – skin on skin contact’. An encounter in the station waiting-room leads him to Hanover and his first job of work after the war is over: an encounter with ‘the eternal lance-corporal in his dyed Wermacht uniform’, his wooden leg stretched out in front of him, smoking a pipe filled with ‘an indefinable substance only distantly related to tobacco’.He looked as if he had survived not only the most recent war but also the Thirty Years’ War and Seven Years’ War: he was timeless. The veteran suggests Hanover where there is work underground in the potash mines.

There, Gunter finds work as a coupler boy, hooking up dumper wagons laden with potash to form underground trains.  It is there in the mine that, for the first time by his own account, he entered the world of politics, albeit still only as a teenage observer.  During breaks in the intensive work routine caused by regular power cuts, the older men would sit and argue politics – the Communists, the Nazi nostalgists, and the Social-Democrats: 

Even though I had trouble making sense of the issues that infuriated them so, I realized, coupler boy and idiot on the fringe, that when push came to shove the Communists inevitably teamed up with the Nazis to shout down the Social Democrat remainder. 

One Sunday morning Gunter’s locomotive driver took him into Hanover to hear the head of the Social Democratic Party, Kurt Schumacher, speak to an open-air audience of several thousand (mull over that number for a minute). No he didn’t speak, he screamed, the way all politicians … screamed. And yet the future Social Democrat and unflinching supporter of “ontheonehandandontheother” took to heart some of the words that the frail figure with the empty, fluttering sleeve thundered down to his ten thousand adherents in the blazing sun. 

Later, of course, Grass would be a supporter and speech-writer for Willy Brandt and his ‘policy of small steps’, and in “The Diary of a Snail” would prescribe ‘crawling shoes for the ills of progress. The snail’s track, not the fast track.  A long road paved with cobblestones of doubt.’

And, finally, to the NYRB review - 

Fear and hunger are the twin sensations that permeate these pages. His chapter about seeing action with the Waffen-SS is entitled “How I Learned Fear.”

His hunger is threefold. First, hunger for food, especially in American prisoner-of-war camps. Second, hunger for sex, described in a kind of lingering, amused physical detail that reminds me of the work of the English poet Craig Raine, whose poem “The Onion, Memory” anticipates Grass’s book-long metaphor. 

The object of Grass’s final hunger, after food and sex, is art. He calls his chapter about becoming an artist “The Third Hunger.” Battling his way, alone, with a strong will and professed egoism, up the physical and social rubble mountains of postwar Germany, he becomes first a stonemason and part-time sculptor, then a graphic artist, then a poet, and only at the end, in his late twenties, a writer of prose, inspired by Alfred Döblin’s Berlin Alexanderplatz and Joyce’s Ulysses, both discovered and devoured in the library of the well-heeled, cultivated Swiss parents of his first wife, Anna. “Anna’s dowry,” he calls it.
The memoir ends with his finding, in Paris, what would become one of the most famous first lines of any novel—“Granted: I am an inmate of a mental hospital.” And the rest is literature.

The Loss of German Identity?

In the post-war period academics were about the only British writers who tried to deal with Germany – and then only historians such as AJP Taylor and Richard Evans or political scientists such as Willie Patterson. John Ardagh was the exception with his large book on contemporary German society - Germany and the Germans - which came out in the early 1990s but was quickly out of print. Those wanting to read about Germany had to make do with books about the Nazi period or knock-abouts such as Ben Donald’s Springtime for Germany – or how I learned to love Lederhosen (2007) whose German edition ("Deutschland for Beginners") I found a good read when I picked it up in a remaindered pile for 1 euro a couple of years ago.

About five years ago, things began to change with Peter Watson’s monumental German Genius and Simon Winder’s rather eccentric Germania. Now a trickle has turned into a stream with serious books such as Germany - Memories of a Nation (focusing on cultural objects); Reluctant Meister - how Germany’s past is Shaping its European Future; and Germany - beyond the Enchanted Forest (a literary anthology) vying for space on the bookshelves. Last year a long book actually appeared with the title The Novel in German since 1990 (which is actually the only one of this new stream now to be wending its way to me)

And Berlin's new role as a tourist hotspot has produced a variety of tantalising books such as Cees Nooteboom’s Roads to Berlin (2012); Peter Schneider’s Berlin Now – the City after the Wall (2014);  and Rory McLean’s Berlin – Imagine a City (2014) – all of which await on my bookshelf for my attention

Curiously, however, still nothing on contemporary Germany to vie with John Ardagh’s book of 20 years ago!

These last few days, however, I have been devouring a large book which has just appeared - Death of a Nation; a new History of Germany - a delightful and enlightening read which I could hardly put down (despite the weight of its 700 pages). The provocative title gives a clue to the author’s approach – which focuses on the loss of German identity and lands since its heyday a century ago…..

This is a real history – whereas Watson and Winder concentrate on intellectual achievement and cultural monuments respectively. But it’s not your typical dry academic stuff! It’s highly committed and doesn’t pull punches – opening my eyes, for example, to the behavior of Czechs and Poles in the early part of the last century…..

And he really makes the history of the German lands (and key actors in both Germany and Europe) come alive in a way I have not experienced with other history books. Although I lived in Prague for more than a year in the early 90s, I never real understood the remnants I saw there of its German past (despite my 2 years of German studies at university)….Unusually for an historian he doesn’t hesitate to “contextualize” German brutalities by citing the extensive history of  massacres perpetrated by Belgian, British and Soviet authorities in Africa, Russia and Asia.

The author states clearly in his Preface his intention to 

" put in a much broader historical context the enormous human and cultural cost to Germany and German Austria of losing two world wars and the damage that has done to their sense of national identity"

This focus becomes clear in the second half of the book - which covers the fate not only of Jews but of the people who, in 2 World Wars, suddenly found themselves (by the massive border changes) living as minorities in foreign countries – a tale which has been ignored until recently in the huge literature of the second world war. As someone who has been living in central and eastern Europe for the past 25 years, I find this is an important and highly commendable objective and one rarely attempted by an outsider.

I have to confess, however, that my focus wavered in the section dealing with the death struggle of the Nazi regime (more than 100 pages after page 400). He had carried me with him until that point – and then lost me…too harrowing????

I will complete the reading and give a final assessment in a few days…….   

The Puritan Gift

I’m always on the lookout for books which challenge how we look at the world which, I’ve realized, rarely come from the incestuous and patronizing world of academia – let alone from the battalions of cheerleaders for “new management thinking”. I should know because I chose, twenty years ago as part of a career change, to undergo a crash course of reading the literature on “change management”. It’s true that I did find some useful stuff (which I summarized on pages 145-165 of my book In Transit) – particularly the (neglected) writings of Robert Quinn – but most material was pretty superficial and I probably got more out of two devastating critiques – Management Gurus – what makes them and how to become one (1993); and The Witch Doctors – making sense of the management gurus (1996)

A month or so I read a really original book - The Puritan Gift (2009) – which told a powerful story of how and why American business had changed its values in the second half of the 20th Century. A book which one of the great management writers of the 20th century - Russell Ackoff - has called 

"one of the best books I have ever read in my long life......a social history of the American nation which doubles up as a commentary on management culture"

The argument of the book (written by brothers in their 80s) is that the mid-20th century strength of American business, and the prosperity and cultural confidence that created, was due to key characteristics inherited from the country's founding fathers, the Puritan dissenters, and reinforced by many of the subsequent waves of immigrants.

The Hopper brothers list these characteristics as:

- a sense of moral purpose in life;

- a liking and aptitude for mechanical skills;

- collegiality, giving the group priority over individual interests; and organizational ability.

As they sum up: “The Puritan Gift is a rare ability to create organizations that serve a useful purpose, and to manage them well.”

The book falls into three parts. The first is a history of the early days and heyday of US corporations, which they start with Colonel Roswell Lee's Armory in Springfield, Massachussetts. It demonstrated to many subsequent businesses the importance of technical know-how, it was innovative organisationally, it was an enlightened employer, and was collegial – including outside the boundaries of the Armory itself, sharing know-how and best practice with other gun-makers.

One fascinating chapter describes the transplantation of this American approach to Japanese business through the actions of three communications engineers employed in the MacArthur occupation. The Japanese communications and electronics industry was remade in the image of the best of America, and the Hoppers attribute the success of the consumer electronics industry to the adoption of these management practices. A war-destroyed, impoverished country became the world's second biggest economy in the space of three decades.

Decay set in early, however, and the Hoppers' first villain is Frederick W Taylor. He started the process of turning efficient organisational structures into social hierarchies, with top managers increasingly less likely to be engineers or technicians working their way up from the shop floor.

Business schools continued this evisceration of the actual process of business, creating a professional cadre of managers, superior in status in pay, and with purely financial and abstract knowledge in place of the tacit skills and experience previously displayed by management cohorts. The downfall was completed by the steadily increasing celebration of greed, sucking the moral heart out of American capitalism.

It's hard to disagree with the outlines of this argument, harder to know what to do about it. The final part of the book is a brief attempt to suggest some ideas, with a list of 25 principles of Puritan management. Most of these seem very sensible without setting the heart racing. The key aspect of the Puritan Gift seems to be the sense of purpose. As John Kay has argued (in The Foundations of Corporate Success), a good business is one with a clear sense of purpose. The profits are a by-product, but without the core purpose there is no hope of sustained profitability.

Perhaps a benefit of the crisis is that the penny has dropped with some business leaders. Of course all too many are still driven by short-term financial engineering and their own bonus, linked to the share price. But it could be changing. One encouraging straw in the wind was the declaration recently by Paul Polman, chief executive of Unilever, that shareholders after the next quarterly profit were not welcome:“Unilever has been around for 100-plus years. We want to be around for several hundred more years. So if you buy into this long-term value creation model, which is sustainable, then come and invest with us. If you don't buy into this, then I respect you as a human being, but don't put your money in our company.”
(Quoted by Michael Skapinker, FT, 24/11/10)

Hugh Stretton - polymath and social democrat - RIP

Most “social scientists” are actually narrow technical specialists – in such subjects as economics or political science – loathe to threaten their career path by taking on big issues or using clear language…

Hugh Stretton, who died earlier this month at the age of 91, was a polymath whose work should be a powerful reproof to the rubbish most social scientists inflict on us. His work ranged from The Political Sciences (1969); Capitalism, Socialism and the Environment (1976); to a 900 page anti-Samuelson textbook Economics; a new introduction (1999)

Forty years on, I still feel the tingle brought on by the clarity of his writing in the second of these books - and regret that I failed to notice his 1999 blockbuster which looks to deserve inclusion in any short list of key books about Economics.

There is a nice vignette of his work in this paper which stresses the social democratic essence of the man and should shame those of us who come from that tradition to do more to reassert it….(Craig Murray has a recent post about the present UK Labour leadership contest in that vein)

Sadly, Stretton’s work does not seem to have impacted beyond Australia although Steve Keen (of Debunking Economics fame) carries on the tradition.

JK Galbraith is one of a handful of social scientists who has been able to surmount the ostracism and ridicule generally heaped on those who challenge what he called “the conventional wisdom” with superb clarity of writing……

While googling for more material on Stretton, I came across this fascinating 734 page Biographical Dictionary of Dissenting Economists which, curiously, fails to include him…….not specialist enough??????

For those wanting more on Debunking Economics – there are a couple of freebies here and here

Culinary and cultural delights despite the Sofia heat

I don’t remember such heat as I’ve experienced this past week in Sofia – although I lived through 4 Tashkent summers; 2 Baku ones and 2 Bishkek ones. 

The saving graces for the latter 2 were the sea (Caspian) and the mountain respectively. And Vitosha mountain does give Sofia delightful breezes……

The afternoon trips to the (indoor) pool also help. The (ageing) body needs such compensations – which is why I look forward to returning shortly to my (Carpathian) redoubt which was still in June a bit cold and damp…..

In the meantime I’m enjoying the culinary delights of Sofia in my new neighbourhood – Papa Joe’s and a great street café with very tasty Czech beer….And a great Chardonnay from a new winery in Svilengrad – Santa Maria, for only 3 euros….courtesy of Sofia’s best little wineshop (at the Russian Monument) owned by young Asen Tsekov

Sofia’s big event a couple of months ago was the opening of its new art complex in what was its Museum of European Art. It took me 4 hours to do it all justice – but I am a copious note-taker (for my ongoing project about Bulgarian art - Memory’s Veil – lifting the shroud concealing Bulgarian Art)

I shall shortly create a new folder about this on my Flickr file

In the meantime, here's a little paintings we were gifted this week by Yuliana Sotirova.....

German Musings

Tourism is one of the biggest global industries and yet gives us few real opportunities to fathom the soul of a country – although a retired generation with time and education is now beginning to experience some of the treasures which Europe offers…..and can access books from such publishing houses as The Collected Traveler, The Intercultural Press and Cities of the Imagination which offer great cultural insights not only into countries but even to a few cities  

Readers will know that I recently started my own contribution to this genre when my daughters started to visit me in Romania and Bulgaria – see the list of E-books at the top-right of the blog…..

Now I want to announce a little one on……..Germany based mainly on posts I made during a 10 week stay in Koln in 2013. The booklet is called German Musings

I have been out of the UK for 25 years – spending about 2 years apiece living and working in about a dozen countries on projects designed to improve the capacity of their state institutions. I was in Bulgaria in early 2013 when I was diagnosed with prostate cancer and had to decide where to go for appropriate treatment.

But first I had to learn more about the condition and its treatment – which helped me understand that the surgical treatments which had become routine were now being questioned – not just because of their invasive nature but because there was every probability that the symptoms would reappear after a few years….

 

As an expat Brit I quickly ruled out that country – partly for the delays trying to go as a citizen without medical records would entail but also because the French and German health systems were performing better (in general terms) in the various international league tables (not least WHO). But I did want to go to a country whose language I spoke.

I narrowed the internet search to hospitals in those two countries which seemed to have a good record for treating prostate cancer and E-mailed off some queries….The French hospitals were quickly ruled out for two reasons –

-       Their focus seemed to be on surgery and I was determined to avoid that

-       They required bureaucratic paperwork which annoyed me

The West German Prostate Centre (Koln) simply asked me to send electronic copies of the diagnosis I had received and quickly gave a detailed commentary which persuaded me that this was the place to go. A few weeks later, on the first of May I touched down in Koln and remained there until mid-July – undergoing initially daily radiation treatment and then three minor operations…….

Time weighed - but Daniela and I were lucky in the choice of flat we had made – even although it involved a couple of moves….

We were in the outskirts - with great parks to walk in (the cemetery was our favourite); trams to ride; and bookshops to visit…..Unhappily. however, we found few people to talk with – apart from our last landlord……

When I eventually was able to connect with the internet, I started to blog and surf again (the habit had started in 2009) and that is what forms the core of this little offering….

I hardly mentioned Koln in the posts – let alone the treatment I was undergoing. This was rather an opportunity to sink into another culture – using the immediate environment as a trigger for questions and casual insights…… One of my delights, for example, was the open-air charity stall near my treatment which offered free second-books……..

I think you'll find the booklet an interesting read - and the annotated reading list is, I think, quite original.........

Why are most of us Financial Illiterates?

Readers know that, despite my 4 years of economic studies (and some years actually teaching it to others!), I make no claim to understand the nature of the global plague that has befallen us in the past few decades. I buy the books to help me clear the confusion those studies gave me – but find that my eyes soon glaze over….a list of books I pledged to read some 9 months ago lies almost untouched – ditto others I mentioned 3 months back.

Economics was like a snake for me – I was fascinated but scared by it. I toiled in the early 1960s to make sense of its focus on marginal calculations and “indifference curves” and probably took only the following lessons from my four years engrossed in economics books

- the strictness of the preconditions which governed the notion of (perfect) competition;

- the notion of profit-maximisation;

- the belief (thanks to the writings of James Burnham and Tony Crosland) that management (not ownership) was the all- important factor

- trust (thanks to Keynes whose work was dinned into me) in government to deal with such things as “exuberant expectations”  

- the realization (through the report of the 1959 Radcliffe Commission) that cash was but a small part of money supply. Financial economics was in its infancy then.

For someone with my education and political motivation and experience, however, my continued self-confessed financial illiteracy is almost criminal but not, I feel, in any way unusual. 
Most of us seem to lack the patience to buckle down and take the time and discipline it needs to understand the operation of the system of financial capitalism which now has us all in its thrall.
We leave it to the "experts" and have thereby surrendered what is left to us of citizenship and political power.
A future post will hopefully try to explore this phenomenon .

Two rare books which survived the “glaze-over” test were –

-       The Financial Crisis – who is to blame (2009) by the ex-Chair of the British Financial Services Agency (Howard Davies) which identified and explored 39 different explanations of its possible cause. You can see some overheads and videos from his various presentations here, here and here

-       Rebalancing Society (2014) by Henry Mintzberg

Writing about the Greek crisis tends to be governed by tomorrow’s headlines but there is one blog which gives a consistently strategic perspective and its latest post gives some useful graphs and analysis -

Greece’s public and private debt burden is just too large for the Greek economy to service, despite already squeezing Greek labour to the death – literally. The Greek public debt burden arose for two main reasons. Greek capitalism was so weak in the 1990s and the profitability of productive investment was so low, that Greek capitalists needed the Greek state to subsidise them through low taxes and exemptions and handouts to favoured Greek oligarchs. In return, Greek politicians got all the perks and tips that made them wealthy too This weak and corrupt Greek economy then joined the euro and the gravy train of EU funding was made available and German and French came along to buy up Greek companies and allow the government to borrow and spend.
The annual budget deficits and public debt rocketed under successive conservative and social democratic governments. These were financed by bond markets because German and French capital invested in Greek businesses and bought Greek government bonds that delivered a much better interest than their own. So Greek capitalism lived off the credit-fuelled boom of the 2000s that hid its real weaknesss.

But then came the global financial crash and the Great Recession. The Eurozone headed into slump and Eurozone banks and companies got into deep trouble. Suddenly a government with 120% of GDP debt and running a 15% of GDP annual deficit was no longer able to finance itself from the market and needed a ‘bailout’ from the rest of Europe.

But the bailout was not to help Greeks maintain the living standards and preserve public services during the slump. On the contrary, living standards and public services had to be cut to ensure that German and French banks got their bond money back and foreign investment in Greek industry was protected. So through the bailout programmes, foreign capital was more or less repaid in full, with the debt burden shifted onto the books of the Greek government, the Euro institutions and the IMF – in other words, taxpayers.

Greece was ultimately committed to meeting the costs of the reckless failure of Greek and Eurozone capital.The Troika’s plan was to make the Greeks pay at the expense of a 25% fall in GDP, a 40% drop in real incomes and pensions and 27% unemployment rate.
·         The government deficit was turned into a ‘primary surplus’ within the shortest period of time by any modern government. Greece has reduced its fiscal deficit from 15.6 percent of GDP in 2009 to 2.5 percent in 2014, a scale of deficit reduction not seen anywhere else in the world.
·         Total public sector employment declined from 907,351 in 2009 to 651,717 in 2014, a decline of over 255,000. That is a drop of over 25%.
·         Greece has gone from one of the lowest average retirement ages to one of the highest. In this sense, Greece had undertaken the most significant pension reform in Europe even before the latest demands of the Troika.

This was austerity at its finest.But the horrible irony is that this policy failed. Far from recovering, the Greek capitalist economy went into a deep depression.…….That the debt cannot be repaid is now openly admitted by the IMF in its latest debt sustainability report on Greece (here). The IMF now recognises that it got its forecasts of recovery hopelessly wrong

….. Whether there is now a deal with the Troika or alternatively, Grexit, the Greek economy needs to grow. Only this can make any public or private debt burden disappear. Take the US. The US public sector debt is huge at nearly 100% of GDP. But the US can service that debt easily because it has nominal GDP growth of just 4% a year. And the interest costs on its debt are very low at just 3% a year. As growth is higher than the interest cost on the debt, the US government can run a deficit of taxes versus spending (before interest) of 1% of GDP a year, and its debt ratio will still stay stable (but not fall). 

Greece, on the other hand, in 2011, had interest costs of over 4% on its debt and nominal GDP of -5% a year, so it needed a government surplus of 9% of GDP just to keep the debt from rising. The government was applying austerity but still a deficit. Even the small debt restructuring of 2012 in the second bailout program did not stop the rise in the debt ratio. It is still rising.

Also have a look at this very clear discussion - involving someone whose name has been cropping up in the Real Economics website - Michael Hudson. Also this 2012 discussion - how finance capitalism leads to debt servitude