Sunday, November 6, 2011

Response to articles on Greece's Economic Crisis

Until reading many of these articles, I hadn't even realized how dire the situation in Greece has become. While I already knew that Greece was in trouble financially, I had no idea about exactly how far their financial woes currently extend. One piece of information I learned about that particularly caught my attention was the animosity resulting from World War II that continues to exist between Greece and Germany today. I was absolutely taken aback by the idea that some Greeks are still so anti-German that they favored rejecting German-led aid over accepting it as the aid packages offered hold a substantial amount of potential from which Greece could benefit. However, probably the most shocking thing I learned from these articles is that the EU had actually considered dropping Greece from their organization. Regardless of the internal turmoil currently occurring in Greece, this move is something I would wholeheartedly oppose. The European Union was founded in 1958 as a political and economic alliance with aims of mutual growth and prosperity. Since its foundation, the EU has since grown and flourished so much that it now consists of 27 member countries and is responsible for generating approximately 20% of global GDP. With such success, I figured that its member countries would have realized that despite the fact that Greece's economic crisis has negatively affected the EU as a whole, they are all still substantially better off than they were pre-EU and all still have potential to benefit further. Furthermore, because Greece is a member of the EU, its fellow union members should all have enough loyalty to Greece to provide support and aid rather than let an entire country fall into bankruptcy and be consumed by the inevitably-ensuing chaos, which could also potentially spread to other parts of the EU and cause further harm. In summary, the point I am making is essentially that in order to maximize the chances of recovery and success, the members of the EU must let old grudges go and stand together to help each other in order to remain strong in such a prosperity-adverse economy.

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