Moreover, just as in Greece, the global financial crisis is sure to make matters worse rather than better. Most European universities do not have endowments; they depend upon public coffers instead. As belts tighten in the public sector, they are sure to tighten even more at the university level. My colleagues in departments across Europe talk more about hiring freezes than they do about expansion. Universities are unlikely to receive major fiscal stimulus spending, but they are going to have to compete for public resources long after any stimulus has been converted into debt.
The challenge for the Greek government is not just to survive the current turmoil. More important, it is to find some way to restore young people's faith in state institutions, to strengthen their commitment to work together in the common interest, and to give them hope in a better future. This is a tall order, but they do not have to tackle it alone. Indeed, this is one of the few big problems where the European Union (and European integration) can help to provide an answer.
