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This is due to pervasive economic reforms in Greece that necessitates it to join the European single currency, the euro. Through the link, Greece was able to absent itself from the use of drachma currency into the use of eurozone. This was of significance in that Greece would have access to loans from other European counties. Mottl (48) states, “one must be bound to the policy” so when making decisions, consider the consequences.
Several advantages came as a result of Greece becoming part of the euro zone. For instance, the Greece government would scrounge on the International capital market at favorable interest charges. The government would borrow at rates slightly above those that German, the strongest European Union economy was paying. This enlightens business persons to consider the advantages of partnerships. Secondly, it would easily access Greek’s goods and services to the other euro member markets. This led to a rise in Greece’ Gross Domestic Product at remarkable rates until the strike of the monetary crisis.
The departure of Greek from eurozone will subject Europe to an unfamiliar state. For one, Greece will fail to pay its debts, a way of evading the capital of European Central Bank. In addition, the cost of other euro zone members would effectively increase as it would have to prevent a complete crumple of Greece. On the side of fiscal policy, there will be a negative impact in that it takes more time to restructure the financial statements. This calls for a restraint on how to compensate the members.
Quitting of Greece from euro zone will hinder it from funding debts. It has little potential to pay the debtors. This is because it initially had to join eurozone to be able to pay its debtors. Similarly, the financial institutions in today’s world face the same problems. Their rush to merge with other institutions in order to accumulate more capital turns out to be a setback if the
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