Monday, July 13, 2015

Would The Eurozone Be That Cruel?

The past few weeks has seen so much drama for the Eurozone as well as the wider European Union. Greece, one of its oldest democracy is in trouble and the Eurozone is bent on extracting a pound of flesh from her.

Led by Germany, which seems to have lost the consciousness of its role in inflicting a shameful past on Europe, the creditors are behaving like vultures only interested in the carcass of Greece to feast on. Deal after deal rejected and binned, the latest seems even more cruel than what was pushed forward in the past.

Conservative Europe is bent on giving the rest of what is left of public service in Greece to their birds-of-the-air greedy capitalist friends. They want to sell off Greece!

But this is and would be the ultimate test for the EU. Would it support and help its weakest or leave her at this critical moment to suffer? It is even worse when you consider that many of the EU countries demanding the head of Greece on a plata of gold are also giving foreign aid to even worse corrupt countries outside the EU without demanding any improvements in governance? Comical; right?

In the long run, the Eurozone and the European Union in general is at a tough hydra-headed junction in its existence. How it deals with Greece at this time will determine how both the currency and political union survives and move into the future. But there are only three options of which two are toxic:

One; leave Greece out by forcing it out of the Eurozone. This will divide the EU and create suspicion. This is toxic.

Two is to force the deadly pills of harsh austerity on Greece inflicting an endless suffering on Greeks and making them feel like second class citizens of Europe. To live in abject poverty in the midst of so much wealth. This too, is toxic.

Three; offer Greece genuine support through debt restructuring and targeted step-by-step reforms on taxation, pension, etc.

Where number three is ignored, and Greece humiliated as suggested this week by Germany, the EU in general may go backward to the years in between the World Wars when trust was alien. Germany would once again have ruined Europe, not by guns and weapons of war this time but by pen and tough-speak.

It is essential that Greece takes responsibility too but within a decent and humane solution for a European project that has been largely successful until recently.

The distrust that will fall out of punishing Greece will hand victory to extreme anti-EU proponents who arent good for the wider world either. The world will feel the disintegration  of a progressive EU that has led in Human Rights and dignity. It will be a shame.

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