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The Geek Crises - Essay Example

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The New York Times article, Greek Crises Poses Unwanted Choices for Western Leaders published on 20 May 2012 talks about the eventual consequences of a Greece exist on the eventual future of the European Union…
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The Geek Crises
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The Geek Crises

Download file to see previous pages... The recession that has overtaken the European zone post the housing bubble burst in the US is poised to shake things up in the European region as well. The small states like Greece, Spain and Italy which hitherto have been irresponsible and caviler with their fiscal policies have been putting the overall aggregate demand within their territories under too much of a stress. The augmenting debt has not only placed the aggregate demand in these countries under too much of a stress, but has also lead to drastic changes in the wage and labor markets, which has made the aggregate supply and consequently the national outputs to shrink as well. This call for drastic austerity measures so that the free market forces could come into play and rescue the shrinking aggregate demand thereby resuscitating the aggregate supply to the full employment levels in Greece and other suffering European states. Table of Contents 1.1 Executive Summary ……………………………………………………… 2 2.0 Introduction ……………………………………………………….... 4 2.1 Things to be Discussed ………………………………………………………. 5 3.0 Discussion ………………………………………………………………….. ...
the Greek situation by suggesting situation bound and conditional rescue packages tagged to tough austerity measures and an enhanced centralization of fiscal power in the European Union (Erlanger 2012). In contrast the liberal states like France intend to propose a more lax attitude towards the Greek situation and want to allow Greece a measure of fiscal and financial freedom thereby allowing the possibly new elected government in Greece a somewhat enhanced flexibility and maneuverability (Erlanger 2012). At present the possible Greek exit has emerged to be a bone of contention between the liberals and conservatives in the European Union. Not to mention that the current political situation in Greece at the time when this article was published happened to be volatile with no stable government that could accrue the people’s confidence and thereby push the proposed European backed reforms and austerity measures. The situation demands a withdrawal of the state fiscal measures from the Greek economy in a time bound and systematic manner so that the free market forces could operate and bring back the economy to a normal level (Erlanger 2012). However, no party in Greece seems to be willing to face the wrath of the masses by raising the public anger. In the mean time the capital from Greece is flowing out and the rating agencies have not only downgraded the credit worthiness of Greece as a region, but have also downgraded the credit worthiness of many salient Greek financial institutions and banks (Erlanger 2012). This has given way to a catch 22 situation in which the European Union expects Greece to act responsible and accept a conditional bailout package and opt for tough austerity measures while the people of Greece seem to be totally averse to any such compromises. ...Download file to see next pagesRead More
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