Monday, 22 February 2010

Financial Crisis upon a European Perspective

It is true that Greece as the feeble ring in the European and global economy has been challenged by speculative market attacks. However, the European Union is also responsible. Athens lied in Europe and to the markets. That is true. The fact that Europe did not see or that did not want to see it is worrying. Europe has committed at least a fatal error. It does not check closely economic sizes of the members of Eurozone. The existence of assistance from a fiscal point of view is translated in the light that by any chance absence of solidarity will cost expensively in Europe. The Greek government is in full motion. Objective of this intense activity is from a side ceases the financially harmful process of escapes and from the other are placed the arguments to presentation of a very concrete packet of measures, which elects the determination of Greek Government to apply in full the Program of Stability and Growth. 

      The big changes and decisions should advance now and the government has the duty to save the Greek economy. The decision of Europeans to support Greece and the examination of ways through which this will be achieved has as aim at the reintroduction of euphoria in the markets, the reprocess of Greek spreads and the rise of Euro against US dollar. The responsibilities of European leaders that handled with unacceptable way the crisis supplying the speculation and the greed of markets are huge to weight of Greece.
      The relation of public debt and GNP are not higher than Germany, and Greece has not gone bankrupt, but the European leaders almost encouraged the scripts of markets and the international Investors Services which perform financial research and analysis on commercial and government entities for the collapse of the Greek state.
      Finally the member states consider their economic policies subject to common interest. That it is interpreted, this is subject of also political will that can justify everything. Moreover the basic principle of operation of European Union is that of solidarity that will be supposed it is expressed in each difficult circumstance. Of course the fact that they exist ways of aid of/rescue it does not exempt the interested state from the main and fundamental responsibility for arranging its internal affairs. Because the other aspect of regulations on aid is this for the respect of obligations that derives from the attendance in the system.

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