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The Impact of the Eu

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The Impact of the EU on Greece’s Economy

INT 650
9-2 Short Paper Greece is one of the most affected country’s that entered into the European Union because the unification of the economies of the sovereign states in the region known as Europe is limiting their ability to emerge from their own financial crisis. In-order for Greece to devise a solution to their current national debt they must negotiate with the leaders of the European Union to create terms that will allow them the ability to correct their economy. However, the social unrest that this delay of negotiations is causing continues to inhibit Greece from moving forward in-order to restore stability to their country. Russia is interested in helping the country, but this would violate the terms set by the EU; plus the population of Greece is split between the ideas of removing itself from the European Union and entering into another agreement with other nations such as Russia. The Unification of Greece into the Union was not the creation of their financial issues, but is hindering the ability of the country to correct it in-order to help its citizens. The country is experiencing tremendous instability in their banking system due to the distrust of the people losing their money in the banks because the government fears that if they do not freeze the people’s accounts a rush to withdraw their cash will occur once the announcement after June, 2015 passes that a resolution for Greece’s debt was not agreed upon (Reguly, 2015). The financial crisis has not only hindered the ability of the government in Greece to manage the debt of the country properly enabling them to provide vital services to its people, but the Unification into the EU and its inability to negotiate terms that are reasonable for Greece to recover is hurting the Greek people more than anything. Unemployment among the youth in Greece is high creating some resentful populations of youth to emerge in the country causing social dis-order in the country from protests and riots. This is not only the youth feeling the effects of the financial disarray, but most of the population because the instability in the country’s domestic economy is scaring away much needed capital investment that could help create jobs and boost the overall economic success of Greece (Choupis, 2011). However, their unification into the EU has created a barrier that does not allow them to manage their own sovereign states economic policies without ramifications placed upon them by the Union. This action of leaning towards a regional based regulatory system over the economic decisions of individual free states, especially in this case, has shown that when one country fails than the rest of the partners in the Union tend to try and protect their own economies from any spill over affects. Greece’s stability is taking a back seat, which can be seen because of the fact that the EU will not re-negotiate any reasonable terms that will not place the future generations of Greek’s into a system to pay off their country’s debt (Reguly, 2015). The integration of the economies in Europe has the entire Union scared because the ramifications of Greece defaulting on their debt could leave the rest of the countries in trouble too. The solution seems to try and force the Greek government into a deal that will be unreasonable for the country to ever emerge past a certain state of economic success because the country will never be able to attract any sort of monetary investment because the heavy debt payments that the country will have to pay if they agree to the terms. This only places a heavier burden on the people in Greece that are already in dyer situations because the delay to resolve their debt crisis is only perpetuating the issue and allowing it to unfold cementing dis-order socially in the country, which continues to feed the financial problems. Without a population that is able to create economic growth because the opportunity is simply not there will result in their collapse if the EU does not stop hindering the process of not resolving just the country’s debt issues but their entire economy (Choupis, 2011).

References
Choupis, M. (2011). The Crisis in the Greek Economy and Its National Implications. Mediterranean Quarterly. Retrieved June 27th from http://muse.jhu.edu.ezproxy.snhu.edu/journals/mediterranean_quarterly/v022/22.2.choupis.html.
Reguly, E. (2015). Economy Greek Debt Crisis: 45 – Billion Why the EU Bailout Won’t Be Enough. Retrieved 6/27th from http://pn8vx3lh2h.search.serialssolutions.com/?ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info:sid/summon.serialssolutions.com&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=ECONOMY+GREEK+DEBT+CRISIS&rft.jtitle=The+Globe+and+Mail+%281936-Current%29&rft.au=ERIC+REGULY&rft.date=2010-04-24&rft.pub=The+Globe+%26+Mail+division+of+Bell+Globemedia+Publishing+Inc&rft.issn=0319-0714&rft.spage=B1&rft.externalDocID=2549655232&paramdict=en-US.

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