It is a tremendous efforts made by the Greek authorities and by the Greek people over the last months in undertaking the measures necessary to secure the second programme, and an unprecedented solidarity of the international community (the total package of assistance to Greece, is equivalent to 177% of Greek GDP, almost double the growth Greece can generate in one year), which will help Greece recover.
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- Let Greece revert back to the Drachma.
One of the reasons the Greek crisis has been so severe (besides the vast over-spending by the Greek Government - on which the EU has no right to comment, increasing its budget by 7% next year) is that they have had the tools of recovery taken away from them.
They cannot inflate away any of their debt; they cannot alter interest rates. They are forced to endure a rate of exchange that suits the German economy, not the Greek one. That is hurting them very severely.
You already have blood on your hands - how much more will it take to end this misguided ideological crusade?Apr 25, 2012
- Thanks for your analysis, but I beg to differ. It is a fact that banks have had massive losses in Greece, and not my personal opinion.
We also have to acknowledge that cooperation on regulating the financial sector internationally is the way forward that we have to take. The economic and financial crisis has revealed a number of weaknesses in the economic governance of the EU's economic and monetary union.
The cornerstone of the EU response is the new set of rules on enhanced EU economic governance which entered into force on 13 December 2011.
You can find more information on EU economic governance here: http://ec.europa.eu/economy_finance/economic_governance/index_en.htm
//AnneApr 25, 2012
- Well saidApr 25, 2012
- To that AnneI only have to say this: 2008, 2009, 20010, 2011, 2012... and counting and this is my personal reply not the Editor reply.
My Editor reply is: Or you don't reply to questions as a rule or if you do reply, reply to the question and not just bring up whatever and a PR link that doesn't fit the question. Either way learn to deal with tough questions and since we're on social media be prepared to listen also to not so satisfied comments.
As for the link as you say "entered into force"... but not approved by national parliaments and some of the governments who design and signed it are already out or on the way out. Until passes national parliaments it's not worth the server space it occupies.Apr 25, 2012
- Marc P+1Wow, now the esm is supposed to be used to save failed banks...of course we have to do this...all of this sickens meApr 26, 2012
- Marc P+1thank you for that comment, you nailed itApr 30, 2012