Greece And The Right To Riot

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The Greek constitution probably allows people to stage peaceful gatherings. It is unlikely that it permits those gatherings to turn into dangerous riots. Many Greek citizens don’t care about those laws and certainly have challenged whatever right the government has to enforce them.

It is not clear whether over history most large riots cause real change on behalf of those who do the rioting. Race riots across a number of American cities in the late 1960s may have advanced the cause of civil rights. They may also have turned many people against the movement. No one will ever be able to tell for certain no matter how much research is done or how many books are written on the subject

The Greek riots have already had some tangible effect. Unions and their allies have been able to shut parts of the nation’s transportation system. Those disruptions could become more permanent and severe. Nearly every economist who has looked at the union’s actions argues that they will wound the Greek economy deeply. GDP is tied to tourism more in Greece than most nations. Riots are not a good way to welcome visitors.

The right to riot will certainly be at the core of any action by the Greek government to put down labor unrest. Perhaps, the more people the government puts in jail or beats in the streets, the more likely it is that peace will prevail and Greek citizens will sullenly accept wage cuts and higher taxes. No one should count on that. Riots are riots in part because they violate laws. Threats of legal action often have little effect on the behavior of those who lead or participate in unrest.

The extent to which long and large riots will hurt the Greek economy cannot be calculated nor can their effect on Greek politicians. The EU and IMF will bail out Greece as its parliament has approved new austerity measures and will probably agree to the privatization of many assets. Those decisions may only make the unrest worse. There is no saying whether the government can stop the riots, which could extend for months, from becoming an almost permanent part of Greece’s financial problems.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

Continue Reading

Top Gaining Stocks

CBOE Vol: 1,568,143
PSKY Vol: 12,285,993
STX Vol: 7,378,346
ORCL Vol: 26,317,675
DDOG Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ Vol: 4,367,433
CLX Vol: 13,260,523
SYK Vol: 4,519,455
MHK Vol: 1,859,865
AMGN Vol: 3,818,618