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Greece's solution on its national debt crisis - Essay Example

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While the debate about whether being part of the Eurozone community has any socioeconomic benefits continues, Greece is battling a crisis its government is not certain about when it will end. Currently, the Greek government is experiencing a shake-up having been presented with…
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Greece's solution on its national debt crisis
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Download file to see previous pages This European debt crisis witnessed in Greece is believed by various economists to have been caused by the structural flaws that came about after a period of great recession that the country had plunged into (Margaronis, 12).
The economy of Greece has had deficits for quite a long time that has escalated its borrowing index to a figure the government cannot afford to pay. The 2009 Greece recession is arguably a major reason the country piled this huge European debt that is currently puzzling it (Spiegel). The government is expected to settle a debt of over seven hundred million Euros to the International Monetary Fund (IMF), something that is likely to hurt more the Greece economy. There have been several arguments and discussions from different perspectives with some admitting the situation that is witnessed in Greece currently could not have been avoided given they joined the Eurozone because of the change in currency as well as the policy and regulations that govern member economies (Nelson, Belkin and Derek). Others refute this and blame the economic policy makers for the woes the country is facing. All in all, the nation is in a crisis and a remedy is needed as fast as possible.
Numerous actions are being taken to remedy the dire situation that is currently experienced in Greece and bring a solution that could free the nation from the hooks of European debt. First, the move made by Finland to bail out Greece should be lauded. As a matter of fact, Finland government was driven by good motives of saving this country from the global humiliation it is currently exposed to. The most challenging thing about this assistance Finland is offering is the rules that come with it. The IMF and other institutions have all reportedly attempted to find a solution to Greece but nothing much have been achieved. The Finland’s conflict of interest and the mistrust it has on Greece has ...Download file to see next pagesRead More
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