Tensions within the European Union are rising because Greece has failed to propose a plan to pay off their debts. As the strongest economy in the EU, Germany does not want Greece, the weakest economy in the EU, to bring them down. Other European Union nations want to resolve Greece's debt issues before lending them any more money. So far Greece has not shown any attempts to pay off this debt. Even the European Central Bank has cut Greece off from borrowing.
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3 comments:
This was a problem from the beginning with Greece defaulting on their debt with no repercussions. How should Greece take the EU seriously if they know nothing will come of their actions. Greece should be removed from the EU. This would not only benefit productive countries such as Germany, but also appreciate the value of the Euro against the dollar and stabilize the European economy. Greece needs to create a proposition to pay back its debt if they want to be taken seriously in the world economy.
I agree with Matt on this topic. The tensions are very high in Europe and the rest of the EU is tired of Greece's shenanigans. Greece needs to action to earn the respect of those who bailed them out of their terrible economic crisis in order to maintain their membership in the EU. Greece is holding back the EU from progressing and I am shocked that the EU has managed to tolerate Greece and its actions for this long. If Greece doesn't get their act together, it will be only a matter of time before they are dropped from the EU.
The Greek government, unfortunately, is virtually wholesale anti-austerity and anti-EU: SYRIZA is an "insurgent" party created from anti-austerity and anti-European sentiment in Greece given the harsh requirements of solvency-providing financial aid packages. As such, the European community will likely be stuck with the current Greek status-quo for some time to come. The Europeans do not want to drop the Greeks as their economy would collapse, potentially sinking European economies while dealing a fatal blow to the European project.
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