Politics Policy Paper

950 words - 4 pages

Greece is the first and only European Union country to request two bail-out packages from the international community. The main providers of the financial help were the International Monetary Fund and the European Union (specifically, the European Central Bank). The Greek government received over €200 billion to cover their debt and interest maturities. (BBC 2012) However, not only the amount of money was immense, so were the requirements. In 2010 Greece was requested to make €30 billion of budget cuts in 3 years, however in 2011 the INF experts asked to cut the spending even further. (Economides) It is evident, that these requirements are rather harsh, as the state is still running a budget deficit and even experiencing a political crisis. The latter situation has grown out of the unreasonable spending cuts. Instead of lowering the government workers’ wages, the statesmen started reducing the funding of social insurance, health-care system, public sector wages and even churches (Economist 2012). Due to this the society is restless, often going on strikes and protests. In 2012 the Greeks held two legislative elections, as the first Hellenic Parliament was dismissed after only one month. It can be concluded that the emergency loans from the EU and IMF have not helped the Greeks to end the crisis, not only because of strict requirements, miscalculation, but also due to poor allocation of the funds and budgetary decisions. Still, the crisis can be ended eventually if the Greek government does not listen to the so called troika and does what is beneficial for its country and people.
The majority of people will agree that the implications of international community did not help Greece to overcome the financial crisis. Therefore, we offer three solutions to end this vicious cycle of debts. They might not be effortlessly applicable, but would help nevertheless. The first resolution has been already offered by the European Union and the International Monetary Fund and is still widely dreaded - the spending cuts. However, if the Greek government wants to end their budget deficits, this would be the best choice (Altman). Yet, the spending should not be decreased through the cuts in the public sector wages or pensions. We would suggest decreasing the wages of already prosperous statesmen or politicians. Another side of cutting the spending would be increasing the savings instead of it. If the Greek banks raised the interest rates, people would be more willing to bring their funds to these financial institutions. Consequently, the banks would be able to repay debts and the government would gain more revenue to return their debts.
Temporary leaving the Eurozone and return at a more competitive exchange rate would be also a solution for Greek economic crisis. Greece had faked its debt ratio when it joined the euro-zone which indicated it actually did not have the ability to adapt euro since euro was and remains a strong...

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