Greece – Fix It Or GREXIT Dilemma

July 7, 2015

By Padmini Arhant

Greece despite unequivocal NO vote against austerity compromised soon after the outcome with the finance minister Yanis Varoufakis resignation on euro zone officials demand stating the minister was unwelcome in the meeting.

The euro zone and EU gesture speaks volume of the respect or the lack thereof to democracy given the promotion of western democracy worldwide.

Furthermore the disposition reflects on the one world government (NWO) i.e. EU in Brussels direct interference in political governance of the member state and dismissal of sovereignty.

EU and euro zone expect Greece to stay in the Union to share the burden on euro volatility alongside stifling competition on trade and tourism favoring the major players Germany using euro and England opting out of euro.

However, there is no incentive provided to Greece in alleviating economic hardship with financial assistance to restore domestic banking system, emergency liquidity and internal cash flow to stimulate economy.

Greece using euro as the national currency is unable to exercise money circulation and distribution along with controlling inflation otherwise Greece has no control over EU and euro zone implemented monetary, fiscal and trade policy.

In fact this situation applies to PIGS states and Eastern European members economy under Brussels mismanagement.

EU and TROIKA austerity imposed on Greece and other recession hit economies exacerbating financial problems in the private and public sector.

In the absence of economic growth with capitalization at affordable borrowing rates, the cash strapped nations are pushed towards adversity with austerity.

The austerity proponents exempt them from fiscal restraints considering expenditure in Brussels run parallel government appoint delegates in various positions leading to unnecessary bureaucracy.

The costs are transferred to the citizens of the member states especially in the lower economic strata like Greece. Hence EU insistence on Greece for additional hikes in Value added taxes (VAT) to perpetuate Brussels extravagant operation only serving oligarchy and vested interests.

TROIKA involvement in Greece deviating from financial activities to choosing governments with frequent elections and forcing the recent referendum cost the state in contradiction to their prescription on austerity.

The plebiscite outcome with a YES vote anticipated by TROIKA was aimed at removal of Syriza led government from power preparing Greece for yet another polls to install TROIKA approved government at exorbitant expense to the people in Greece.

Again there is no recognition amongst TROIKA imposing will that contributes to more spending in the intentionally caused political tensions for instability.

TROIKA striking down proposals from the current Greece government and extending status quo might satisfy egotistical stance and essentially conflate the problems affecting the creditors and debtor.

Euro future is hanging in balance with disproportionate benefits to members within circuit not to mention the superficial value on the commodity conforming to currency maneuver trend.

Greeks with similar desire to stay in euro zone and EU need to review the experience in the past years up until now.

The dependency on TROIKA and EU for necessary breakthrough has not been forthcoming to relieve the ailing economy and instead the woeful measures are regarded the appropriate remedy saturating public and private debt in the country.

Greece political party Syriza concerns about leaving euro zone upon no positive developments in the negotiations between government and TROIKA would have to be transformed into preparedness with alternatives in returning to drachma that facilitates independent strategy on monetary, fiscal and macroeconomic conditions customizing applications to match targeted growth and output.

As for explanation to the electorate on the issue – any discerning citizen would realize impediments no longer obscure in the false sense of security in euro zone and TROIKA cart blanche authority ignoring reality in the harsh austerity.

The political party shift to a position away from the one adopted on campaign trail would be a broken promise when the decision is to serve the purpose other than republic progress.

In this instance Greece cornered without flexibility to restructure financial operations for economic boost besides debt settlement.

The extreme demands necessitate the viable option to reinstate drachma with sound monetary policy and financial as well as economic reform attracting investments in the economy and capital infusion in the banking sector.

The excessive reliance on bailouts from external sources with the pledge to remain under euro zone confined perimeters and TROIKA doctrine as safe haven when results proved to be counterproductive exemplify confidence and trust deficit in self-emergence and competence.

Nations survive and thrive upon sincere commitment to lead and perform exceeding the expectations demonstrated in hard work and integrity as collective responsibility with transparency and accountability to eliminate corruption and contain failures in all endeavors.

The comprehensive financial and economic plan on Greece recovery will be submitted subject to outcome on EU summit and financial discussion between the incumbent Greece administration and the other side.

Greece could FIX IT in the event of GREXIT with pragmatic solutions and disciplined methods blended in inspiration and optimism for economic resurgence.

Greece crisis will be monitored with relevant input until the matter is resolved.

Peace to all!

Thank you.

Padmini Arhant

 

Written by Padmini Arhant · Filed Under Economy, Featured, Western Europe 

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