“There are three kinds of people: the have's, the have-not's and the have-not-paid-for-what-they-have's” -- Earl Wilson
Today, the world faces another economic crisis in the Eurozone. This crisis exists because too many people are consuming more than they are producing. In other words, the have not paid for what they have. Admittedly, Euro skeptics had always been apprehensive of a similar situation because of the obvious differences in the economies of all member nations that decided to share a singe currency. It seemed rather imprudent of the Union to bank on the prospect of huge developments within Developing Countries in spite of the economic bubble they were forced to maintain; it was bound to afflict the people involved. However, now that the problem at hand has grown from a simple debt deficit to a prospect of another global recession, the Greeks would only be taking a small hit compared to the dips that now seem unavoidable for both the Euro and the Global Economy. Therefore as disastrous as the implications of this situation can be, it is more important for the world to know if it can be solved and whether the European Union and Global Economy can dodge this particular bullet.
Strictly speaking, the Eurozone Crisis revolves around three main parties – Greece (which can be held responsible for most of it), the European Union (which is being held answerable for starting this domino effect and therefore curbing it) and the rest of the world – the Global Economy (that may be on the brink of a second major recession in just 5 years). Unfortun...
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...’t want to pay for the deeds of its policy-makers. Unfortunate;y, if the people and government of Greece don’t come to a common goal there's not much the world can do about it except to let it take the hit.
Currently, the European Union needs to focus on reaching a standstill in terms of economic growth because the only other option is a decline. There is serious debate over whether the Union should let Greece declare bankruptcy and save other less indebted nations to quarantine the crisis for now. The world still has a couple of months to figure the extent of the damages caused by the eurozone crisis. The European Union has done well to reduce its impacts even if it has failed to provide an effective solution to the looming dangers of another major economic crisis – it has assumed the role of fourth category of people : the have-paid-for-what-they-don't have's.
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