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Ongoing Greek Drama: Discuss impact of a potential Greeces default and expulsion from the Euro zone/ European Union. Will other nations such as Spain, Portugal & Italy be next. Discuss pros & cons of such a move - Essay Example

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Numerous nations including the greatest economic powers recorded minimized or not economic growth. Economic factors such as employment and corporate financial stabilities dropped significantly. The recovery from…
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Ongoing Greek Drama: Discuss impact of a potential Greeces default and expulsion from the Euro zone/ European Union. Will other nations such as Spain, Portugal & Italy be next. Discuss pros & cons of such a move
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"Ongoing Greek Drama: Discuss impact of a potential Greeces default and expulsion from the Euro zone/ European Union. Will other nations such as Spain, Portugal & Italy be next. Discuss pros & cons of such a move"

Download file to see previous pages The major problem has been enabling the coping abilities of countries which have been mostly affected. In the Eurozone, Greece has been the most affected by the financial crisis. The responsibility of the Eurozone in such situations is increasing its funding to the affected countries. The deficit margin in Greece is, however, large, and nations in the Eurozone would be massively affected if the country is bailed out from this situation. For this reason, the debate of expelling Greece from the Eurozone was raised. However, Greece can only exit the Eurozone from its own will. The country has considered the move but criticism from its citizens made it impossible. This paper will analyze the likely impact on Greece and the Eurozone if the country decides to expel itself from the Eurozone. It Greece exits the region, are other countries facing similar problems likely to consider the same move?
All nations in the Eurozone share the same currency in the effort to improve trade relations in the region. For many, years this form of currency has been effective in the region and specifically important to countries in the region. The nations have been able to compete competitively with leading currencies across the globe. This nature has been enabled by the existence of the Eurozone. However, minus the absence of the Eurozone the currency in nations across the region would be near to worthless minus the collectiveness of the euro.
The exit of Greece from the Eurozone would mean that the nation would be required to use a near currency, probably the Drachma. In an argument by Kuger the new currency would lose 80% against the Euro after few weeks of realization (7). This would hinder any form of realistic trade between Greece and the region. The situation would be worse if the currency is to be compared by other global currency like the dollar. Kuger asserts that ...Download file to see next pagesRead More
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