Resilience: notes from the Greek crisis

(Keynote address at the annual European Foundation Conference on 20th May 2015)

Thank you to the European Foundation Centre for inviting me to speak at your conference. I feel very honored to be here. I have the deepest respect for those who actually do something about the problems of this world. I know that the room is full of such people.

I was asked to speak on the general topic of “resilience”, so I had to look it up, to see how the term is used in various disciplines. It seems to be common in psychology, in social work, and also, with regards to the organisation of cities. I have no relation to any of those subjects. So why am I here, speaking about this?

I think it is because I live in a country whose resilience has been tested like no other country in the rich world, recently. Also, I am an economist who has observed and written about the crisis on the micro-level, near to the ground, where resilience is tested. And finally, I am an investor in new businesses in an environment where businesses have been wiped out by the thousands.

So I will speak with all three hats, in sequence: first as a Greek, then as an economist, and finally as an investor. Continue reading