Friday, 17 July 2015

Greece: The Dilemmas !!!

To be or not to be part of Eurozone or to be independent of the Eurozone and mint its own currency.

Now the European Council has approved a €7bn bridging loan for Greece from an EU-wide emergency fund. The loan was approved in principle by Eurozone ministers.

This enables Greece to now be able to repay debts to two of its creditors, the ECB and International Monetary Fund (IMF).

The €7bn loan will pay off two other loans. Various loans over the years have brought Greece to its knees and here it has taken another loan and awaits further loans with austerity measures to fix its struggling economy. 

Question: Should Greece have used the Grexit option and exited the Eurozone and just simply defaulted on all loans and interest payments and undo the austerity measures to revive the economy and free itself from being held hostage by the European nations, ECB and entities such as the IMF?

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