Word: eu
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...such, the question to ask is not whether Greece ought to receive economic support, but rather from where it should be coming. Interpreting EU treaties in such a way that allows rich member-countries to bail out poorer ones is a step toward integrated eurozone fiscal policy as it necessitates the coercion of the poorer countries’ fiscal policymakers. Although austere German inflation-hawks might disagree, any interventionist French politician-turned-economist would gladly proclaim that fiscal policy is inherently, and rightly, subject to political forces. Indeed, in that country, unlike in Germany and the U.S., elected politicians dictate...
...overcome that even bailing out Greece (or any other eurozone member) with eurozone money would be more than just the small step toward centralized fiscal policy that it may appear to be. It would also be a very large step toward political union—a goal that the EU must not reach too far for until it attains the approval to do so from the popular ballot on which its authority rests...
...billion in lending capacity) to sustainably prop up the Greek economy, but the fund also has unmatched experience in setting troubled economies straight—that, after all, is its purpose. While it is unprecedented for the IMF to bail out a eurozone nation, it has bailed out several EU members including the United Kingdom in 1976 and, more recently, Hungary, Latvia, and Romania in cooperation with the EU...
Undoubtedly, there is a stigma that is attendant to being bailed out by the IMF, which most often works with developing nations that are facing severe economic problems. However, Greece and the EU must not be so proud as to turn up their nose at the only realistic alternative that does not entirely sacrifice Greek sovereignty or reach beyond the limited powers granted the EU. Giving Greece this slap on the wrist for its economic mismanagement would also encourage other troubled eurozone economies that may be counting on the cushion of Franco-German bailout to finally institute meaningful fiscal...
Currently, the IMF is largely sitting on the sidelines in an advisory role to Athens as France and Germany seek a European solution to what they think of as a European problem. But, as the pitfalls of a Greek collapse would extend far beyond EU borders, European leaders should be more open to the idea of an IMF-directed bailout than they currently...