Wednesday, February 3, 2010
EU Embraces Greece with Tough Love
This is a great article to complement today's lecture. During class, Professor Goran was talking about how Greece is near bankrupt and that they in violation of EU sanctions. This article here explains that the EU is reaching out to Greece after the submission of its new stability program. The EU is setting several mandates and goals that Greece will have to reach as well as the threat of going to EU Court of Justice if Greece falsifies statistics again. The EU is also requesting that their auditing agency, EuroStat establish permanent offices to watch Greece's progress. Tough Love indeed.
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2 comments:
This article makes me wonder how the EU as it seeks to expand its borders to include eventually states in the Balkans and maybe even Turkey how it would seek to make coherent economic policies given that every state is in a different growth phase.
It will be very interesting to see how this "great experiment" works out in the long run to see if it can withstand the test of time.
I agree with Melissa. I think when you have so many economies that are in different stages it is hard to keep control over them. Since Greece, Portugal, Spain and Italy are all having problems with debt and bringing the value of the Euro down, I think the EU needs to decide if they want to keep those economies with the Euro or think about dividing currencies, i dont know just a thought.
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