What is your response to this article?http://www.washingtonpost.com/world/europe/greek-leader-loses-key-supporters-over-referendum-ahead-of-trust-vote/2011/11/03/gIQA3sc2hM_story.html

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litteacher8's profile pic

litteacher8 | High School Teacher | (Level 3) Distinguished Educator

Posted on

I would argue that the situation in Greece is not all that unique.  The problem is that Greek is part of the larger entity of the European Union, which is relatively new.  We have the same problem in our America, but we are not directly economically allied with anyone else.

readerofbooks's profile pic

readerofbooks | College Teacher | (Level 2) Educator Emeritus

Posted on

Since this is a response question, there will be great differences of opinion. As you know the Western world, for the most part, has a huge problem of debt. The West has borrowed too much and it now cannot afford to pay. What makes the situation even worse is that we are talking of sovereign debt. The idea of nations going bankrupt is colossal, but not unheard of.

The EU nations are trying to do their best to bail out Greece. An option that some people may not be seriously considering is allowing Greece to go bankrupt and start over with a new currency. This might sound harsh, but this is what Argentia did about a decade ago. Now the Argentine economy is incredibly strong. They were able to debase their currency after bankruptcy and so became more competitive with their exports. This lifted their country. So, I think we should consider this option, after all Greece is not a huge economy.

One final note. The article is frustrating, because of all the politics! We even see it here. Politicians are usually inept, because they always have the next elections on their mind.

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