Why Is the EU So Tough on Greece?
Greece is known as the birthplace of democracy and as such has a special place amongst the nations of Europe. It is true that over recent centuries it has suffered a succession of regimes, both foreign and indigenous, that were far from democratic, but since its release from the military junta in 1974 its revived democracy has been bolstered by its membership of the European Union. Greece needs the EU and the EU treasures Greece as a link to an ancient heritage. So why is the EU prepared to risk Greece’s exit from the Union over a simple matter of money?
Shamed by the IMF!Over the course of its profligate career of recent years Greece has borrowed large sums of money from both the EU and the IMF. So it has been with negotiators of both of these institutions, as well as the European Central Bank, that Greece has been engrossed in endless discussions with the threat of departure from the European common currency, the Euro, hanging overhead like the sword of Damocles. The IMF is notorious for its harsh policies that have enhanced poverty in numerous countries of the developing world, so it is with some surprise that one finds the IMF willing to write-off some of Greece’s debts while sister countries in the EU refuse to do so. Why have the EU and the ECB allowed themselves to be shamed by the IMF?
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