Word: greeks
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It’s beginning to look like the Fates had it in for Greece. Of all the eurozone countries, it has been hit hardest by the global recession. Even as the rest of the world begins to recover from the recent financial crisis, interest rates on Greek debt have skyrocketed. While the government continues to spend liberally, investors have lost faith that the country will emerge from its economic doldrums...
...Greece and the European Union rush to stop the Greek problem from spilling over into the rest of the EU, we urge them to take heed of popular sentiment and not shore up Greek debt with taxpayer money from Germany and France—the only two eurozone economies in a position to help. Doing so would constitute forcing a stronger political union on eurozone and, more broadly, EU member-countries where such a union does not exist and is not wanted by their citizens...
...obvious source of emergency funds, then, is the International Monetary Fund. Not only is it one of the only institutions with enough money (over $750 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...
...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 and economic reforms of their...
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...