Greece crisis
This query is : Resolved
05 July 2015
hi friends as all of you know that the country Greece is in debt crisis and it is fighting a lot to come out of it and citizens of Greece are facing hardships but my doubt is 1.why don't euro zone countries remit the debt to free up the Greece 2.and why don't IMF remit the debt due by the Greece
please clarify my doubts
Nikhil Kaushik
(Expert)
05 July 2015
for query 1, the answer is politics. Eurozone while has been able to create a economics zone, politically it remains a group of diverse interest. Plus with a socialist party winning elections in Greece and siding with Russia, the capitalist economies are not that interested to support a socialist regime,
For query 2, the creditors have already taken a lot of cuts on Greece exposure. IMF should not at all step into Greece's shoes for this. Because once you bailout one country, hundreds will line up.
Read https://www.project-syndicate.org/commentary/greece-referendum-troika-eurozone-by-joseph-e--stiglitz-2015-06
https://www.wsj.com/articles/SB11486026120286184909004581077960515036484
For query 2, the creditors have already taken a lot of cuts on Greece exposure. IMF should not at all step into Greece's shoes for this. Because once you bailout one country, hundreds will line up.
Read https://www.project-syndicate.org/commentary/greece-referendum-troika-eurozone-by-joseph-e--stiglitz-2015-06
https://www.wsj.com/articles/SB11486026120286184909004581077960515036484
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