As the European Union comes together this week for a summit the situation with Greece is sure to be a heated topic. Recently, the German government proposed Greece had control over its finances to a eurozone ‘budget commissioner’. This would allow the commissioner to decide Greece tax and spending with a veto power to make sure the government was in line with international lenders. There is an obvious distrust between Greece and other EU countries, as Greece is trying to receive a second bail-out. The consequences are risky if Greece were to default and as of now that could come as early as March, when Greece’s bonds that are due will total €14.5 billion. Although I agree that Germany’s plan is completely overreaching on Greece’s sovereignty, I do understand Germany’s frustration as a second bailout plan is being proposed. As that discussion continues, Germany, France, and other EU countries are taking a firm stance that 130 billion euros will be the ultimate limit. However, economists are questioning if that will even be enough. Maybe Germany’s plan isn’t so bad after all???
-Kathleen Fultz
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