Greece is in a constant internal and external struggle as they debate on the best possible options: to remain part of the EU or to leave the Eurozone entirely. If Greece remains with the EU they face receiving more bailouts and even harsher austerity measures which will have to be implemented into the economy. If Greece decides to leave the EU and return to the Drachma other Eurozone members might follow in their footsteps setting off a chain reaction of defaults throughout the EU. These defaults would not only affect Europe but the whole global economy. Other countries such as Ireland, Portugal, Spain and Cyprus might follow Greece and desert the EU. If these countries leave the EU, its breaking up would be inevitable. There will no longer be a currency under which European countries could trade avoiding exchange rates. If the EU broke up into individual countries trade barriers would need to be re-imposed and countries would need to go back to their own currency. This means that fees will be imposed in order to exchange currencies and there will be tariffs applied to those who wish to buy and sell in other countries. This will prevent economic growth throughout the European continent. The use of the Euro makes the cost of business significantly less than it was when counties used their own countries currency.
Greece has been negotiating with the IMF, ECB and the European Commission, which are referred to as the Troika. These negotiations with Troika are in order for Greece to receive more bailouts and reductions to the countries already existent debt. Troika has been assisting Greece and implementing stricter budget cuts and higher taxes. “Greece 's new left-wing government does not accept the troika 's agenda. Instead it aim...
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...great economic devastations. The Euro would no longer be the common currency of the majority of the European Continent. Countries would eventually have to reintroduce taxes and tariffs on trade, which could force European states into war with Greece and other European states. Trade between countries would become significantly more difficult and would even further the economic devastation that the world might face if the EU were to break apart. The devaluation of the Euro would also affect every other currency that exists. The EU as well as for Greece both understand what could happen if Greece were allowed to default on their payments, and this leads me to believe that a new bailout and a reduction of the amount owed is to be further negotiated. Greece’s worst is yet to come, dealing with austerity measures and struggling to pay back loans will take time and effort.
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