Exploring Greece’s Debt Crisis through the Lens of its Citizens: Glyfada, Athens
Glyfada is regarded as one of the higher income districts in Athens. I interviewed a handful of residents in that area to find out if they lost their jobs, experienced salary cuts, and/or changed their luxurious lifestyles. My interview process throughout my entire trip was a random selection. I approached each interviewee, informed them that I am a graduating student from McGill University's Neo-Hellenic Studies Minor and asked them if they would be willing to answer a few questions for my research project (which will be strictly anonymous).
Evidently, the citizens I had the opportunity to speak with are not an accurate representation of the population in Glyfada, Peristeri, or any other part of Greece I am writing about. However, it is impossible for me to conduct a census of the entire population, nor do I plan to publish any statistics. The information included below and in subsequent pages is purely descriptive in order to provide readers with an indication of the reality that a number of Greek citizens may be experiencing.
Glyfada can be considered as "the Beverly Hills of Athens". Unlike other municipalities I visited in Athens, the streets of Glyfada were clean, the appartment buildings renovated, the roads filled with nice cars, and the residents well-dressed and groomed. The boutiques in Glyfada cater to a higher income clientele, offering residents the opportunity to shop designer name brands. The cafeterias and restaurants are more costly than other municipalities in Athens.
The people I interviewed all shared with me that not only have they not lost their jobs, but also, their working hours and salaries have not been affected by the debt crisis taking place everywhere else in Greece. Most of the couples I interviewed told me that both partners had their own car and job, and that they spent time together outside their homes every evening and on weekends. As he knocked on the wooden table in front of him, one man said to me to write the following in my deliverable: “Δεν υπάρχει κρίση στη Γλυφάδα”. “There is not a crisis in Glyfada”.
My observations in Glyfada can be further reflected in the results of the most recent referendum in Greece. The numbers revealed that 50.59% of the citizens in Glyfada voted "Yes", meaning they accepted the terms of the bailout offer that was being negotiated, including the austerity measures. By voting "yes", one can assume that the residents of Glyfada rather comply with the austerity measures than exit the Eurozone. If Greece would be forced to return to its previous currency, the drachma, the savings of the wealthy citizens would be devalued by 30% considering that the euro is worth more. However, it is important to understand that Greece's return to the drachma would not only have negative effects for the residents of Glyfada, but for the country as a whole. Financial analyst Dimitrios Giokas summarizes twelve devastating consequences if Greece returns to the drachma.
You can find out more about how the different municipalities in Athens voted in the Greek referendum here.
