Last February the EUROZONE chose to delay its decision for 4 months on what to do with respect to Greece, which then was and still is today, totally bankrupt. Greece owes the EUROZONE about 250 Billion Euros and other creditors and Banks another 100 Billion Euros .
Greece joined the EU in 1981 and was allowed to adopt the EURO as its currency in 2001, but even then Eurozone leaders were insisting on further Economic reforms from Greece !
With hindsight one can really ask whether the principles of due dilligence were applied when the accounts for Greece were examined by the EUROZONE or even by the Banks ?
Greece asked the EUROZONE for Financial help in 2010 and obtained a Loan of 110 Billion Euros. Then in 2012 a further 130 Billion was advanced to help Greece make important reforms and to prevent Bankruptcy.
The new aim now was to ensure that Greece did not withdraw from the EUROZONE which could have led to repercussions on the monetary markets for the EURO !
Today the question which needs answering is "should Greece be left to go bankrupt and to withdraw from the EURO" ? Greece would then be obliged to make the necessary reforms that previous Governments did not have the courage to undertake ! Greece would also be freed from the current debts it has in the EUROZONE !
Eurozone creditors would suffer a Financial loss, but should they have lent so much money to a Bankrupt country in the first place ? Was that prudent ?
Tsipras the new Left Wing Prime Minister of Greece was elected on the promise that he would solve the Financial crisis by obtaining a substantial debt "write off" from the EUROZONE . Greek citizens have suffered for far too long from measures of austerity.
A moratorium of the repayment of the loans could be proposed, but this would not solve the crisis from which Greek citizens and electors want to be liberated once and for all !
Greeks want to start living again !
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