The ECB should allow Greece to exit the Euro and work on securing credit for Spain, Italy and maybe even France. There is little hope among the Greeks. Unemployment is close to 50% for Greeks under 30 and 25% for the entire population.
One reason for the lack of employment is the lack of hope. They may feel that their government is a puppet and the puppet master is the ECB(Germany). Greeks are not accustomed to paying taxes and changing culture will not be an easy task. What makes things worse is the perception that the Germans control the fiscal economy and the taxes are going to Berlin rather than Athens. The perceived taxation without representation will become a major issue the Greeks will grapple with.
Greece represents a small portion of overall European Union GDP and thus its exit is more contagion risk. Greece is more of a pawn on the chess table where Spain and Italy represent the king and queen respectively. Therefore, it’s essential to look ahead and secure Spain and Italy with financial ring fencing.
15 comments:
Until the Greeks learn that to run a successful country and government, the people must be willing to make sacrifices such as paying taxes, and waiting longer till retirement benefits take affect, I fear they will remain a detrimental liability to both Germany and the EU
The Greeks need to get off cloud nine and join reality. Society cannot function with retiring at 55, working less than 40 hour weeks, and getting paid more than the average person who does work the 40 hour work week.
I agree that Greece should be allowed to exit the Euro. They are a detriment to the Euro and until the citizens pay their taxes, and believe their taxes go to Athens rather than Berlin, they should not be allowed in the Euro. The high rate of unemployment in Greece is also a big contributor to dissatisfaction in the government. I also agree that Spain and Italy need to be secured to keep the Euro intact because they are more important than Greece.
I feel that Greece should never have been allowed to join the Euro in the first place as they did so illegally. The other countries should have forced Greece to leave once they became fully aware of this. The other countries definately would not have these many problems had they properly dealt with Greece when they tried to join the Euro.
I think the Greeks should be thrown out of the Euro. They are the ones who started the downfall of it and it would be best for them to leave. They will be able to start all over and try to pay back their debt to Germany and that may lead to them regaining control over their country.
There should be some kind of impeachment process here- when we find that government officials break the law, we kick them out of office.
Greece, as well as Spain and Italy, should have the freedom to decide their exit the from the Euro; however, if all of the considering countries did leave now (and at once) it would most definitely show brutal economic consequences. If Greece leaves, it will be all but a glorious outcome for Greece, and hopefully the others see the harsh initial consequences and opt to delay/reconsider their departure.I do believe Greece will be more successful independent from the Euro in the long run, and I also don't think the Euro needs to be intact in the long run, I don't like the whole idea of it.
i think that hope is a solid point in why greece thinks they might not economically find stabilization in the Eruo.The media plays a factor always when speaking to the people , editor's can touch up the facts to make the economy seems what it is not to the european mind set.
I agree that Greece is the "achilles heel of the euro". WIth the high unemployment rate, lack of hope, and lack of trust in their government, Greece is only hurting the Euro. I think that Greece should withdraw from the Euro, therefore benefiting both themselves and other countries.
I agree with the fact that the Greek's do not have a solid work ethic. When the ECB places austerity measures on Greece and the Greeks don't comply, what else can the ECB do?
The Greeks being allowed to take part in the Euro was doomed in my opinion from the start, they did in fact only qualify by "massaging" the numbers if you will illegally. I do however think Greek is more significant then just a pawn in the ECB for it symbolizes and discredits the Euro all together. But cutting the weak countries that can not comply with expectations I think is the only way the Euro has a chance of recovering.
Since Greece is such a small country they said it is more of a contaigon risk which I believe is true to a point. Once Greece leaves the Euro more attention could be paid to other countries in trouble (Spain, Italy, France).
Allowing Greece to leave the euro would allow ecb to focus their attention on the rest of the pigs and possibly help them recover.
I agree that Greece should leave the euro, but only with aid provided to the other countries struggling like Spain and Italy. If aid is provided to the other countries the risk of the contagion effect could be shrunken.
The Greeks need to realize that if they don't buckle down and make some serious changes, things are only going to get worse. They need to look at what it is like to work in other countries so they realize that the changes that need to be made are not that bad.
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