Spike in suicides a sign on Greek elections?

A motorist drives through central Athens on May 22, 2012. Greece gets underway for crucial June 17 elections with the vote seen as a choice on whether debt-stricken Greece stays in the euro. / AP Photo/Petros Giannakouris

(MoneyWatch) COMMENTARY In Greece the economic situation is driving an increasing number of people to take their own lives. While these are only a few cases, the rest of the population is also feeling some level of hopelessness. It is a feeling that, unfortunately, is entirely justified. That's why, when the next Greek election is held on June 17, an anti-bailout party is almost certain to win.

In the run-up to the last election it was big news when an elderly man killed himself and left a note blaming the financial crisis. Now it is routine. The English-language news site Ekathimerini has reported at least five suicides in the last month. The most recent was a 62-year-old man who died yesterday. Before the financial crisis first began, Greece had the lowest suicide rate in Europe -- 2.8 per 100,000 people. From 2009 to 2011 Greece's suicide rate increased 22 percent, according to a report by Attikon Hospital.

The sense of despair is shared by the many people who, thankfully, have not resorted to such extreme actions. It is caused by the belief that the bailout deal they were told about is a fraud. It would be easy to say, as some have, that this belief is just the complaining by slackers who don't want to pay their bills. It would be easy and entirely wrong.

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That deal was arranged by the EU, IMF and the ECB, known in Greece as "the troika." As The New York Times reported this week, out of the $162.2 billion the troika is supposedly giving the nation, almost none of it is going to the Greek government to pay for vital public services. Instead, it is going right back into the troika's pockets.

In an elaborate payment system that began after the May 6 election that brought down the Greek government, and is meant to ensure that the Greeks do not touch the cash, the big three creditors are now wiring bailout payments to an escrow account in Greece. There the money sits for two or three days -- before much of it is sent back to the troika as interest payment on the Greek bonds that Europe accepted under terms of the bailout deal struck in February.

The Troika crafted a deal that guarantees they get paid no matter what. Quoting the Times, again: "Last week, the Athens office that tracks revenue said Greece could run out of money by July. If so, Greece could default on its debts -- except those due to the E.C.B., the I.M.F. and the European Union."

Knowing that, if you were a Greek citizen, how would you vote?

[credibility2]

Many can't do without because they believe they must continue to receive anything and everything without sacrifice or their life is over; these types always live beyond their means, yet expect nothing to change when there is an economic crisis. Government handouts and programs are a drug that recipients are addicted to an rely on, versus being self-reliant and fully accountable for their own life and what happens to them. No one should be bailed out, including those that demand more and more from their government.

[nycprof]

No bail outs for anyone? When it comes to the average folk, government programs to help them are "a drug that recipients are addicted to". I find that pretty cold blooded.

How about the huge bailouts to the big banks? AIG? Huge tax breaks for the oil companies? The entire global economic system has been skewed to favor the rich and denigrate the middle and working class. It has gone on for far too long and it has to stop now. The cradle of democracy is about to vote for democracy of the people. How ironic.

[gypsy0032]

Greece should tell those banks to get bent. As should the rest of the world.

[wolfmagic2012]

It is the beginning of the end for the scum-of-the-earth, the Central Banks, IMF and Federal Reserve. In the long run, their demise is a very good thing - in the short term, financial disaster and depression. A complete re-set of the financial system is in order, and will NOT include Central Banks or Fed Reserve, which charges taxpayers interest on worthless fiat money printed, when countries may print their owm money with no by-your-leave from these extortionists. A return to a precious metals standard is wise.

[hypnotoad72]

Non-sequitur.

If their politicians are bought and paid for then it makes no difference; a different reason then exists for the spate of suicides.

[borysd]

I vote for the anti-bailout party!

[hypnotoad72]

No more bailouts for banks and companies that whittle down wages and eliminate jobs, which allow people TO spend (and repay bank loans).

Supply-side economics are so BLIND to the whole of the situation that it's beyond belief...

[davidd5063]

Amen hynotoad, Amen.