Greece is again at the centre of EUROZONE preoccupations despite bail-out relief of more than 240 billion Euros and then more favourable repayment terms.
One should not forget that when Greece applied to join the EUROZONE the Financial Information which it provided was flawed ! Alas the experts in Brussels at that time were hoodwinked ! This later led to the bail-out loans.
Since then the financial condition of Greece has plummeted partly due to the World Recession, but there are also many other reasons ! In particular there is high unemployment in Greece which in turn has created anxiety and social unrest.
Greece in fact is almost bankrupt and it cannot work its way out of the slump only by applying the normal principles the EUROZONE wants to impose. It cannot repay its debts !
Not for the first time the question becomes "Should Greece exit the EURO" ? Alternatively, "Must the EUROZONE now revise its principles" ? There is no guarantee that in the future a same problem will not arise again !
There is a saying "Do not throw good money after bad" ! In the final analysis the real truth is that "The taxpayer always pays" !
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