Kicking Greece out of the eurozone would not solve the EU’s financial crisis. Other countries, such as Spain and Portugal, are following in Greece’s footsteps.
The key to improvement would be helping such countries to promote investment as opposed to cutting their debts.
Through investment, Greece would be able to find its footing and re-emerge as a stable country. By kicking Greece out, the eurozone would be heavily hit.
Having one fiscal authority shadowing all the eurozone offers advantages, such as handing control to one source, and avoiding a repetition of the current situation in Greece through diligent economic governance, including stress tests and organised surveillance.
But it is increasingly difficult for one authority to offer solutions for each and every member state’s exact situations. The solution is of a long-term nature, and would include supporting Eu-rope’s peripheral countries to increase investment.
This way these countries may eventually improve their financial situation, which would result in lower unemployment and an improved standard of living. Michael Debono, Mcast-Btec Higher National Diploma in Business, Institute of Business and Commerce, 2nd year.
While I find it unfair that the rest of the EU member states have to bail out Greece, at the same time ‘kicking them out’ would be harsher for the Greeks. Nonetheless, with countries like Greece in the eurozone, the euro could face its toughest crisis yet.
I do not think fiscal union with one fiscal authority and tax harmonisation is the way forward.
I believe states should always retain their sovereignty and discretion with regard to fiscal policies. Desirée Attard, Bachelor of Laws with European Studies, 1st year.
One has to seriously consider the possibility of Greece being kicked out of the eurozone. With Greece out of the common currency, the EU would be able to steer its debt regulation in a much broader manner. But there would be more mixed feelings in the EU in this period of tension.
Even though most Greeks voted against the austerity measures, this might be the only feasible solutions for Greece to get back on its feet.
Germany, Finland and Austria have been pumping money into Greece, Spain and Italy for quite some time. Provided the richer countries are not damaging their GDP in doing so, in the long run, it pays them to help the struggling countries to overcome part of their debt to prevent their problems from multiplying. Christianne Fenech, BA (Hons) European Studies, 3rd year.
Compiled by Noelene Scerri and Nadine Grant.