Economic security, nowadays being a part of International security study covers a range of economic issues on both local and international levels. Being a major sector affecting human security (Buzan, 1991, 38), economic security and its components play a significant role in politics and international relations. This paper will discuss one of the components of economic security – financial crisis and specifically the case of Greece. Economic debt crisis in Greece is considered to have risen in 2009 with the growth of global concerns about country’s debt to the “troika” of international moneylenders(European Central Bank, European Commission, International Monetary Fund), which at that moment had already measured approximately 370 billion dollars (Economist, 2012). Afterwards the amount of debt has skyrocketed until it reached its maximum of 458 billion dollars in 2012. Currently, despite the considerable improvements in its financial situation, Greece still owes around 344 billion dollars to Europe and as the financial director of the Guardian newspaper Nils Pratley (2013) claims “the country's crisis is not yet over”.
Being a serious global issue which can have grave economic consequences of international scale, the Greek debt crisis also addresses social security in terms of the growing rates of unemployment and deterioration of living conditions. Therefore the current issue in Greece calls for a solution that would be able to balance financial and social situations in the country and stabilize the global economy. However, each of the resolutions presented by the world community preserves the interests of the country or organization it represents. This paper will demonstrate the two resolutions of the issue presented by the opposing sites. Andreas Nikolaidis is a member of an Independent Greeks party (right-wing), which holds the anti-austerity views and requires cancellation of memorandum between Greece and the EU. Therefore, Nikolaidis is a proponent of “euro exit” policy and introduction of national currency as a way to eliminate economic instability. His opponent is a member of the European System of Financial Supervisors Benjamin Muller, who advocates the austerity policy which is “prescribed” by the EU. Thus, political views of Nikolaidis, an ardent defender of its country’s interests and Muller, acting for the sake of the EU differ widely on the possible resolution of the economic debt crisis in Greece.
Mr Muller: The only way for the country to exit the crisis is to continue the austerity policy in order to avoid default. The austerity policy started in March 2010 is to continue manifesting itself in increase in rate and amount of taxes and cuts in public services. Such measures, even sounding anti-social, have a potential to return Greece economic stability. It will be a long-term process, but the success of austerity policy promises to be overwhelming (Babones, 2012).
Moreover, ways in which Greece will benefit if conducting a EU...