Soeren Keil: To understand why the members of the Eurozone need to “save” Greece from bankruptcy, it is important to think about the consequences of a possible Greek default. This would not only have an effect on Greece and the Eurozone, but put the entire EU in jeopardy. Saving Greece means saving the Euro and the European Union.
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The lack of a common fiscal policy is what allowed the Eurozone debacle to occur. ++ Europe has at the same time experienced extremely low levels of growth compared to the US and emerging markets, forcing it to accrue debt to prevent living standards from deteriorating. ++ Germany’s austerity plan will do little to stimulate growth in Southern Europe. ++ Europe requires wide-reaching structural
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