Rae Hoff
Sep 4 · Last update 21 days ago.
Will Greece's economy fail again after pulling out of the bailout?
With Greece's recent pullout of the economic bailout, already some problems are occurring. Just today- the Ferry worker's have begun a strike for increased wages.
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Regardless of the bailout, if Greece is to recover they will need to fix their own problems
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Greece will inevitably bounce back after pulling out of such an unfair bailout
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Greece need to also pull out of the euro currency also to save either economy
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Regardless of the bailout, if Greece is to recover they will need to fix their own problems

Even before joining the EU and adopting the Euro Greece had many substantial problems, unemployment, corruption, an inefficient public sector, bureaucracy, and tax evasion*. These are all greek made problems and will need greek solutions, any bailout was arguable to stabilise the EU and its currency. Greece’s economic recovery will also need further home grown social and economic solutions to these problems if it is going to avoid future failure.

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Greece will inevitably bounce back after pulling out of such an unfair bailout

Greece fulfilled its European Stability Mechanism program, capping public sector contracts, cutting social security spending, and changing labour laws, declaring an end to the bailouts on 20th August 2018. Germany wanted austerity measures to carry on even though they have been proven to have contributed to a slow recovery after the Great Recession. The post-Brexit European Union needs to realise that if it is to succeed, they need to form a supportive and flexible, otherwise country may default debt repayments in hard times, and public sentiment will become increasingly anti-EU without some level of understanding from European Central Bank and other states. With the easing of austerity measures and the renewed ability to buy debt at regular rates Greece will be able to borrow, invest and recover in a similar way to the rest of Europe.

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Greece need to also pull out of the euro currency also to save either economy

The problem with the EU bailouts following the economic crisis of 2008 is that there is a central bank trying to artificially regulate one currency for multiple markets, that should arguably function with multiple currencies. As currency is a store/measure of economic value the fact that most countries in the Euro-zone have very distinct markets but use the same currency with no option to devaluate means that most countries in the EU are under the thumb of Europes central bank. This has lead to unfair economic bailouts being thrust on Greece and other countries, with more focus being placed on bankers making a profit from the situation, rather than a feasible deal with lending rates that’s benefit the affected countries.

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